This is all related to T Rowe Price if it makes a difference.
After years of DCA into several mutual funds, I am considering selling some for the first time. These would consist of both covered and non-covered shares.
Currently my account settings for both covered and non-covered shares is "average cost." It is my understanding that because I have never sold any shares, that I should be able to change to specific tax lot identification. When I investigate how to do that, the website informs me that if I want to do specific lot, I will have to call them. It can not be done online.
I have a record of every transaction in a spreadsheet going back nearly 30 years. That includes the date of the transaction, number of shares, and price. However, I do not have any kind of "lot id."
1) Anyone done this before? I guess I am just sort of assuming that I can do this all over the phone by specifying the date and shares.
2) Are there any tax implications with the non-covered shares? For example, last year I sold some non-covered stock shares from a different brokerage. After I submitted my taxes with turbo tax, it basically freaked out because of the non-covered shares and told me I needed to mail in several forms -which I did, but it was all very confusing and frustrating. Especially because turbo tax only told me I needed to do that AFTER I filed.
After years of DCA into several mutual funds, I am considering selling some for the first time. These would consist of both covered and non-covered shares.
Currently my account settings for both covered and non-covered shares is "average cost." It is my understanding that because I have never sold any shares, that I should be able to change to specific tax lot identification. When I investigate how to do that, the website informs me that if I want to do specific lot, I will have to call them. It can not be done online.
I have a record of every transaction in a spreadsheet going back nearly 30 years. That includes the date of the transaction, number of shares, and price. However, I do not have any kind of "lot id."
1) Anyone done this before? I guess I am just sort of assuming that I can do this all over the phone by specifying the date and shares.
2) Are there any tax implications with the non-covered shares? For example, last year I sold some non-covered stock shares from a different brokerage. After I submitted my taxes with turbo tax, it basically freaked out because of the non-covered shares and told me I needed to mail in several forms -which I did, but it was all very confusing and frustrating. Especially because turbo tax only told me I needed to do that AFTER I filed.