Q: On January 31 you posted an answer to my question. I asked whether I must use the same basis method for a specific mutual fund across all of my solely owned, jointly owned, and my husbands accounts. Your answer is that each of these accounts are treated independently and the same security in each of these accounts can use a different basis method. I would like clarification on whether securities in all accounts with the same ownership must use the same basis method. For example, if I own mutual fund A in my Schwab and Fidelity accounts that are listed in my name only, must I use the same basis method in each account? After switching basis methods, Fidelity does not allow a person to switch back, even if no shares were ever sold. Is this just a brokerage policy? Does the IRS care whether I switch basis methods if I never sold any shares of the fund? It seems to me that the IRS would never know what method I was using if I never sold any shares. If I sell all my shares and later buy more shares, am I free to choose either method for calculating basis of the newly purchased lot?
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