Google Answers: stock sales FIFO change to LIFO on taxes

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Q: stock sales FIFO change to LIFO on taxes ( No Answer, 1 Comment )

Question

Subject: stock sales FIFO change to LIFO on taxes
Category: Business and Money > Accounting
Asked by: questioner1234-ga
List Price: $2.00

Posted: 24 Jun 2003 12:31 PDT
Expires: 11 Jul 2003 06:59 PDT
Question ID: 221250

I used FIFO accounting for stock trades in 2001. Can I switch to LIFO
in 2002? If I switch to LIFO, can I switch back to FIFO in 2003? What
rules apply?

Answer

There is no answer at this time.

Comments

Subject: Re: stock sales FIFO change to LIFO on taxes
From: arubin-ga on 10 Jul 2003 16:36 PDT

If this is in regard capital gains on Schedule D, there's no such
thing as LIFO accounting.  Your choices are FIFO or specific shares.

If this is in regard accounting systems, I don't know.

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