Investments and FIFO and HIFO

[peggysioux5]

Taxpayer has investments in two different accounts with two different investment companies, and one account shows accounting method of FIFO and second account shows accounting method of HIFO.  Can taxpayer use two different accounting methods in the same year to determine gain or loss as long as taxpayer can substantiate?

PeggySioux

 

[Abby Normal]

Yes they can. They can even pick specific lots to sell, as long as they work closely with their broker.