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Post by anovice on Aug 5, 2022 14:32:34 GMT
My understanding is that the Average Cost Basis method is the default one at Fidelity. I would like to use Specific Identification. I Spoke with Fidelity three times this week and each time they said that they would have to change the method "behind the scenes" and it would need to cycle overnight. It is not happening. Is there a way for me to change the method online or do I need to escalate the request?
Thank you.
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Post by ECE Prof on Aug 5, 2022 14:42:50 GMT
My understanding is that the Average Cost Basis method is the default one at Fidelity. I would like to use Specific Identification. I Spoke with Fidelity three times this week and each time they said that they would have to change the method "behind the scenes" and it would need to cycle overnight. It is not happening. Is there a way for me to change the method online or do I need to escalate the request? Thank you. I just sold an ETF using specific shares. I have not used Mutual funds in FIDO since 1997. But, I do use one mutual fund in Vanguard, but I usually sell all the shares in exchange for another fund. I do not know how it works in Vanguard recently because my knowledge of mutual funds go back to 2004.
Add/Edit: I tried in my Vanguard account. Vanguard gave me three options, and one of them is "Specific shares." It is inherent in Vanguard.
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Deleted
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Post by Deleted on Aug 5, 2022 18:01:04 GMT
My understanding is that the Average Cost Basis method is the default one at Fidelity. I would like to use Specific Identification. I Spoke with Fidelity three times this week and each time they said that they would have to change the method "behind the scenes" and it would need to cycle overnight. It is not happening. Is there a way for me to change the method online or do I need to escalate the request? Thank you. After log in, you should see a line near the top "Summary, Positions, More...." Choose More > Account Features > Brokerage and Trading > Cost Basis Information Tracking. You can change from the default method there. |
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Post by ECE Prof on Aug 5, 2022 21:47:05 GMT
My understanding is that the Average Cost Basis method is the default one at Fidelity. I would like to use Specific Identification. I Spoke with Fidelity three times this week and each time they said that they would have to change the method "behind the scenes" and it would need to cycle overnight. It is not happening. Is there a way for me to change the method online or do I need to escalate the request? Thank you. After log in, you should see a line near the top "Summary, Positions, More...." Choose More > Account Features > Brokerage and Trading > Cost Basis Information Tracking. You can change from the default method there. I tried it in FIDO. But, there is nothing "select specific share" option. It is available on the main trade screen for Stocks and ETFs. I do not know about the mutual funds because I do not own any mutual fund in FIDO account. |
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Post by Deleted on Aug 5, 2022 21:57:19 GMT
After log in, you should see a line near the top "Summary, Positions, More...." Choose More > Account Features > Brokerage and Trading > Cost Basis Information Tracking. You can change from the default method there. I tried it in FIDO. But, there is nothing "select specific share" option. It is available on the main trade screen for Stocks and ETFs. I do not know about the mutual funds because I do not own any mutual fund in FIDO account. I only own ETFs at Fidelity, you may be right about mutual funds. There are also different rules for "covered shares" and " non-covered" shares, so the process may be more complicated than I thought. |
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Post by anovice on Aug 5, 2022 22:05:12 GMT
I tried it in FIDO. But, there is nothing "select specific share" option. It is available on the main trade screen for Stocks and ETFs. I do not know about the mutual funds because I do not own any mutual fund in FIDO account. I only own ETFs at Fidelity, you may be right about mutual funds. There are also different rules for "covered shares" and " non-covered" shares, so the process may be more complicated than I thought. I spoke with Fidelity this afternoon and for mutual funds, they need to do something on their end for me to see all the different lots in order to sell SpecID. This is the fourth time this week that I have requested they do whatever they have to do. |
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Post by ECE Prof on Aug 5, 2022 22:32:11 GMT
I only own ETFs at Fidelity, you may be right about mutual funds. There are also different rules for "covered shares" and " non-covered" shares, so the process may be more complicated than I thought. I spoke with Fidelity this afternoon and for mutual funds, they need to do something on their end for me to see all the different lots in order to sell SpecID. This is the fourth time this week that I have requested they do whatever they have to do. I know the problem with these guys. Sorry to hear that. |
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Post by yogibearbull on Aug 6, 2022 11:51:56 GMT
Rules for changing cost-basis for mutual funds are indeed complicated. IRS requires written instructions and some changes are irreversible.
Posters have already mentioned that it can be done easily for stocks/ETFs/CEFs online.
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Post by yogibearbull on Aug 7, 2022 1:17:11 GMT
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