Delawaredave
Recycles dryer sheets
- Joined
- Apr 9, 2005
- Messages
- 184
I'm in accumulation phase with buy-and-hold approach - so I have done very little "selling" so far.
Should all accounts, taxable, 401K, IRA be set up for "specific lots" accounting and not "average cost" accounting ?
For 401K, can you do LIFO as you pull money out ? So the most recent contributions and associated gains would come out first ? I'm assuming then the gain is taxed as income and the contribution not taxed.
Looking at Megacorp's 401K website, I can't find any tools / designations on accounting - just shows "total cost".
Thanks !
Should all accounts, taxable, 401K, IRA be set up for "specific lots" accounting and not "average cost" accounting ?
For 401K, can you do LIFO as you pull money out ? So the most recent contributions and associated gains would come out first ? I'm assuming then the gain is taxed as income and the contribution not taxed.
Looking at Megacorp's 401K website, I can't find any tools / designations on accounting - just shows "total cost".
Thanks !