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Question about capital gains
Posted on 7/14/20 at 7:59 pm
Posted on 7/14/20 at 7:59 pm
I've been consistently buying a few etfs over the past few months, and was curious about the capital gains tax when they are sold.
For example, let's say I buy 1 share (of the same etf) every month for 15 months. On the 16th month, if I decide to sell 1 share, will I pay the short term or long term capital gains tax? Some of the shares meet the requirements of long term, while others do not. How is it determined which rate I will owe in this case?
Thanks for the help.
For example, let's say I buy 1 share (of the same etf) every month for 15 months. On the 16th month, if I decide to sell 1 share, will I pay the short term or long term capital gains tax? Some of the shares meet the requirements of long term, while others do not. How is it determined which rate I will owe in this case?
Thanks for the help.
2
Posted on 7/14/20 at 8:35 pm to bayoubengal2007
This is decided by your account options. Fidelity, for example, defaults to FIFO ("first in, first out" - oldest shares are sold first) but you can override to LIFO ("last in, first out" - newest shares are sold first)
Posted on 7/14/20 at 8:44 pm to yellowhammer2098
Thanks a lot. I'll check on that.
Posted on 7/14/20 at 8:59 pm to bayoubengal2007
Thank you for asking this question. I was wondering if myself
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