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If I buy 100 shares @1.00 and another @ 2.00, then sell 100 @1.50 what are my gains?
If I paid $1.00 for 100 share and then 2.00 for 100 more, then sold 100 at $1.50 in less than a year, what is my gains or losses. I am trying to figure my taxes on the sale.When you sell a stock in this situation, do you use the first 100 that you bought or do you average them? Thanks in advance.
Best Answer
2222 points
readytoretire answered 5 months ago …
If you can destinguish between the two groups, like did you get certificates, then the gain/loss would be based on that certificate. If you are like most people now days, all you have is an account with a number of shares in it. If this is the case, the the normal convention is to use FIFO, first in first out. So the gain would be against whichever price was the first you bought. Brokerage fees would be deducted from the raw gain.
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104 points
jimgetten answered 5 months ago …
Taxes require more info. What was brokerage fee, other deductable costs associated to buy/sell. Capital gains rules apply. See a tax preparation specialist.
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