[Craig Sobo]

I need an answer to the best tax lot accounting method for “SHORT TERM” gains. I don’t care about Long Term tax lot accounting. I also want the best easiest broker to process this. I make 10-20 trades on the same stock over a 24 – 72 hour period. Quantities vary as I might be averaging down on a rough trade. As the momentum shifts back to a profit, I start to cash out. LIFO or FIFO? I end up with some if it being considered a Wash Sale. So I am supposed to change and match tax lots at the end of the day? Net question. What do I select to maximize my gains without an hours worth of accounting at night. What broker makes this seamless? I don’t think Schwab Think or Swim has a sufficient method. Thoughts?

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[Christian Harris]

I don’t know the answer to your tax inquiry, but some brokers, like eToro, automatically generate annual tax reports based on the tax laws and regulations of your tax country of residence.

I hope that helps.

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[James Barra]

Hi Craig,

Given that this is a specialist tax question, it could be worth consulting a qualified accountant.

On the broker element, Interactive Brokers might also be worth looking at. I believe they help automatically generate tax reports based on client location and needs.

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