Identifying Shares Sold
Before selling shares, decide which shares will minimize your capital gain or maximize your loss. To minimize gain, you should sell the shares with the highest basis. To maximize loss, you should sell the shares with the lowest basis.
If you don’t identify the shares you sell in writing before selling them, the IRS assumes you used the first-in, first-out method.
Related Resources
Military compensation is complicated - learn how to estimate comparable civilian pay with this military to civilian pay calculation from H&R Block.
Learn more about IRA withdraw penalties with advice from the tax experts at H&R Block.
Learn how to maximize your salary and benefits with more information on new job tax forms and deductions from the tax experts at H&R Block.
Did you win it big? Learn more about gambling winnings tax and form W-2G from the tax experts at H&R Block.
