Cost basis profile

[Adman Gill]

Seems like basis accounting is FIFO for my account, can I change the accounting even I have sold my positions say after 6-7 months? Meaning during end of 2011 after I have sold shares can I ask to revert using tax optimizer high cost and provide gain/ loss?
For mutual fund investments looks like average cost is offered, can I change this similarly later to high cost?

[Mark]

Hi Adman Gill,

Fund Manager supports 3 different accounting methods:

FIFO
AVG
Specific Lot

You can set this for each investment under "Investment Properties... / Other / Accounting Method". All 3 accounting methods are available for any type of investment, not just mutual funds.

Fund Manager will allow you to change your accounting method at any time, but as far as tax laws go, we can't comment on that. You'd have to consult with a tax professional.

If you were using FIFO for some sold shares, and wanted to switch to Specific Lot, you could make this change, and then for the already sold shares, specify the sold shares as you sold them using the FIFO method. This way you would have the same gain/loss results for the already sold shares.