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These are federal rules. State taxes, employer equity compensation, options, wash-sale adjustments and other specialized transactions can change the result. The IRS explains the core rules in Publication 551, Publication 550 and Publication 544.
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Start with adjusted basis, not simply the cash you remember paying
Your gain or loss is generally measured by comparing the sale proceeds with the shares’ adjusted basis. For ordinary stock purchased on a securities market, basis normally starts with:
- the amount paid for the shares; and
- purchase costs, such as a commission or transfer fee.
A broker’s year-end tax statement may show basis for covered securities, but you remain responsible for checking that the reported lot, date and adjustments match your records. The IRS describes basis and common adjustments in Publication 551.
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Adjustments that can change the starting amount
The basis used at sale may differ from the original cash debit. A stock split generally changes the basis per share while leaving the total basis for the position unchanged, assuming no other event. Nontaxable distributions and other corporate actions can require reductions or reallocations. A later transaction may also create an adjustment that is not visible in the original trade confirmation. Keep the issuer’s corporate-action notices and your broker’s lot history with the purchase record.
Do not use your own purchase price for shares you did not buy. Gifts, inheritances, dividend reinvestments, nontaxable exchanges and certain compensation transactions have their own basis rules.
Which shares did you sell when you own several lots?
The same ticker can contain many tax lots bought at different prices and dates. The lot selected determines both the basis and, often, whether the gain is short-term or long-term.
Specific identification
You may use the basis of particular shares when you adequately identify them before or at the sale and can substantiate that identification. In Publication 550, the Internal Revenue Service states: “If you can adequately identify the shares of stock or the bonds you sold, their basis is the cost or other basis of the particular shares of stock or bonds.”
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In practice, identification normally requires an instruction to the broker that names the lot (for example, by purchase date or lot number) and confirmation from the broker that the instruction was received. Save the order confirmation, the broker’s lot-selection record and the eventual trade confirmation. A note made after the sale, without contemporaneous broker evidence, may not establish which lot was sold.
FIFO when the shares cannot be identified
If you cannot adequately identify shares acquired at different times, FIFO generally applies: the earliest-acquired shares are treated as sold first. FIFO is a fallback, not a mandatory strategy for every sale. It can produce a different gain and holding period from the lot you intended, so review the lot selection before submitting an order.
Average basis is limited
An average-basis method may be available for mutual-fund shares and certain dividend-reinvestment-plan (DRIP) shares when the eligibility and election requirements are met. It is not automatically available for ordinary individual-stock lots. Even where average basis is permitted, holding periods can differ: for holding-period purposes, disposed shares are generally treated as those acquired first. Confirm the election and its scope in your account records and Publication 550.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchHow to count the holding period
For stock bought on a securities market, use trade dates rather than the dates money moved between accounts. The holding period begins on the day after the purchase trade date and includes the sale trade date. The federal classification is:
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| Holding period | Federal character | What to remember |
|---|---|---|
| One year or less | Short-term | Exactly one year is still short-term. |
| More than one year | Long-term | The period must exceed one year, not merely reach the one-year anniversary. |
For example, shares purchased on March 10, 2025 and sold on March 10, 2026 are held for one year or less under this counting convention and are short-term. A sale on March 11, 2026 is more than one year and is long-term. The IRS discusses this threshold in Topic 409 and the date-counting rule in Publication 544.
The tax rate is not determined by the holding-period label alone. Your income, filing status, deductions and other gains and losses affect the amount ultimately owed. The label does, however, determine which federal capital-gain rules apply.
Special acquisition types need separate rules
Shares received as a gift
A gift does not automatically have a basis equal to the recipient’s own cost, because the recipient paid nothing. The basis and holding period depend on the donor’s adjusted basis and the fair market value at the time of the gift. When the recipient uses the donor’s adjusted basis, the donor’s holding period generally carries over. If a fair-market-value rule applies instead, the holding-period result can differ. Obtain the donor’s basis records, gift date and value rather than guessing from the eventual sale proceeds. See Publication 544 and Publication 550.
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Inherited investment property is generally treated as long-term when sold, regardless of how long the beneficiary held it. The basis is usually determined under estate and date-of-death rules, so it may not equal what the deceased originally paid. Estate statements, a valuation used for estate purposes and the transfer record can establish the starting basis. The IRS training material in Publication 4491 and the investment-property guidance in Publication 544 describe these rules.
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Dividend reinvestment plans
A taxable dividend that is automatically reinvested is still dividend income. The reinvested amount generally purchases additional shares at the value on the reinvestment date. Each reinvestment is a separate lot with its own basis and acquisition date. A single sale can therefore combine many small lots, some short-term and some long-term.
If DRIP records are missing, the IRS says broker or issuer public records may help reconstruct the purchases. Collect annual statements, dividend notices, account history and any corporate-action information. If specific shares cannot be identified, FIFO generally supplies the lot, subject to an eligible average-basis method. The IRS stock FAQ provides reconstruction guidance: Stocks, options, splits, traders.
Mutual funds and other nonstandard transactions
Mutual funds can permit average-basis elections under rules that do not apply to ordinary individual stocks. Nontaxable exchanges, stock-for-stock reorganizations and other corporate transactions can carry or reallocate basis. Before using a purchase amount from an old statement, determine whether the shares came through one of these events and obtain the issuer’s basis instructions.
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A practical calculation for a multi-lot sale
Suppose you bought 100 shares for $20 each and paid a $10 commission. The initial total basis is $2,010, or $20.10 per share. Later you bought 100 shares for $35 each and paid another $10 commission, creating a second total basis of $3,510, or $35.10 per share.
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You sell 100 shares for $50 each and tell the broker to sell the second lot. Your proceeds before selling expenses are $5,000; the identified lot’s basis is $3,510, producing a $1,490 gain before any selling-cost adjustment. If the second lot was held more than one year, that gain is long-term. If you did not identify a lot and FIFO applies, the first $2,010 lot is treated as sold instead, producing a $2,990 gain before selling expenses and using the first lot’s holding period.
The example shows why “I paid about $20” is not enough. You need the exact lot, its adjusted basis and its trade-date history.
Records to keep and how to reconstruct gaps
Retain records until the period for assessing tax has expired, and keep them longer when they support basis that carries into a later year. For every lot, maintain:
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- quantity, price, commissions and transfer fees;
- the acquisition date and the broker’s lot identifier;
- DRIP dividend statements and reinvestment prices;
- stock-split, merger and nontaxable-distribution notices;
- gift, inheritance or estate valuation documents; and
- evidence of any specific-share instruction and broker acceptance.
When a broker’s history is incomplete, request archived statements and transaction data from the broker and issuer. Reconstruct each lot in a spreadsheet or ledger, showing the original amount, every adjustment and the resulting per-share basis. Mark estimates clearly and replace them with documentary support where possible. If you cannot establish a lot or adjustment, ask a tax professional how the uncertainty should be reported rather than selecting the most favorable number.
Common errors and a quick pre-filing check
Errors that change the result
- Using the cash paid as basis without adding purchase costs or applying later adjustments.
- Calling a one-year holding period long-term; the IRS threshold is more than one year.
- Assuming the newest or lowest-cost lot was sold without a documented identification.
- Applying average basis to ordinary stock without confirming eligibility and an election.
- Using the decedent’s or donor’s original cost without checking inherited or gift-basis rules.
- Ignoring reinvested dividends because no cash was withdrawn.
- Counting settlement, deposit or account-transfer dates instead of the purchase and sale trade dates.
Five-minute checklist before reporting the sale
- Match the sale confirmation to the correct security and number of shares.
- List every possible acquisition lot, including reinvestments and transferred shares.
- Determine whether you adequately identified the shares; if not, apply the applicable default, usually FIFO.
- Calculate each lot’s adjusted basis, including commissions and documented corporate-action adjustments.
- Count from the day after purchase trade date through sale trade date and classify each lot as short-term or long-term.
- Reconcile your calculation to the broker’s tax form and investigate any difference before filing.
For unusual gifts, inheritances, reorganizations, employee shares or incomplete records, the transaction facts may require professional advice. No one can calculate your exact gain from a sale price alone; the dates, lot records, adjustments and acquisition circumstances are essential.
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