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I have two brokerage accounts Robinhood and TD Ameritrade. Here are my transactions for ABC stock:

Jan 10, 2020 bought 10 ABC from Robinhood. ABC price $50

Jan 15, 2020 bought 70 ABC from TD Ameritrade. ABC price $70

Jan 20, 2020 sold 10 ABC from TD Ameritrade. ABC price $80

Based on FIFO ( i always use FIFo for everything) I should report gain of $80-$50=$30. However TD Ameritrade will give me 8949 form that will show gain of $80-$70=$10

So what gain is correct?

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Ameritrade is going to report the purchase of 10 shares at $70 and the sale of 10 shares at $80 to the IRS.

You cannot designate that the shares sold in your Ameritrade account were from your Robinhood account.

If you wanted the cost basis of the sold shares to have been from the $50 basis in your Robinhood account then you should have sold the 10 shares in your Robinhood account.

  • What if I had two TD Ameritrade regular accounts? – user105240 Jan 3 at 20:39
  • Not sure if that is possible I would suspect the answer is the same. When you sell shares from a certain account, you can only sell shares from that account. – BrenBarn Jan 3 at 22:42
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    You'll get an 8949 for each account. – Bob Baerker Jan 3 at 22:57

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