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Track & Manage Gains & Losses
The Gain/Loss & Tax Center tool debuted last month to provide you with the latest in cost-basis calculation and tax strategy. Gain/Loss & Tax Center can be accessed under the My Account tab in your Scottrade account, and it replaces the GainsKeeper tool.
With Gain/Loss & Tax Center, you can ...
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Select a tax strategy. Sometimes changing the calculation method reduces the tax consequences of a gain. Gain/Loss & Tax Center defaults to first-in, first-out (FIFO) but offers you the option to use other methods. This tool even offers a "Minimum Taxable Gains" methodology, which means the system will determine the best lot to sell to minimize taxable gains.
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Make lot-level adjustments. Take control of your gains and losses by matching particular lots to your sell orders to potentially minimize your tax burden.
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Manage adjustments to cost basis. When your shares or lot costs change due to splits or corporate actions, Gain/Loss & Tax Center updates your positions automatically so you can always stay up-to-date on your current cost basis.
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See your "action items" on the Gain/Loss & Tax Center home page. Sometimes the purchase information needed to calculate a gain or loss is incomplete - this would be the case for positions transferred in from another firm. When this occurs, you must enter the relevant information manually. The action items remind you to do so, and Gain/Loss & Tax Center shows you exactly what information is needed.
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Get a current picture of your gains and losses. Gain/Loss & Tax Center takes intraday quote updates into consideration: at any point in the day, the gain or loss will be current (assuming a 15-minute quote delay, and assuming purchases or sales did not occur that day).
For help using Gain/Loss & Tax Center, contact your local branch office or visit the Gain/Loss & Tax Center Help in the Knowledge Center.
Scottrade does not provide tax advice. The material provided in this article is for informational purposes only and Scottrade is not responsible for any errors or omissions. Contribution and income limits are subject to change without notice. Please consult your tax or legal advisor(s) for questions concerning your personal tax or financial situation.
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