Your version of Internet Explorer is no longer supported and may not display all the features of our website. For the best experience, please update your browser with the latest version. From the Tax Strategy page, you can control which method the application uses to match closing transactions. When Scottrade reports your cost basis information for covered positions to the IRS each year, the tax strategy used can potentially have a significant impact on the taxes you owe.

That's why Scottrade allows you to choose your tax strategy, either by selecting a default tax strategy or by changing your strategy on a trade-by-trade basis.

For details about the seven available calculation methods and when each can be used, visit Tax Strategies. Using the Sell Method drop-down box, select the tax strategy, also known as the lot relief method, you would like to use. Note that Average Cost can only be used for mutual funds. Click Go to save your strategy selection. You will see previous strategies you selected and the dates during which they were in effect in the Current Strategies section at the bottom of the page. Hover over the Activity tab at the top, and left-click on Raw Trades.

You can locate a particular sale or other closing transaction such as Cover Short by using the search tool at the top to find a particular symbol, or simply find the trade in the Raw Trades table provided.

Sorting the activity by clicking the Date column heading can also be useful. When you've located the closing transaction, mouse over the orange arrow to the right of the transaction information and click the Details link. You'll see further trade details come up, along with a drop-down box specifying your Current Sell Method.

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Note that the Current Sell Method drop-down will only appear on unsettled trades for which you are able to specify a tax strategy. VsPurchase is a means of matching a particular tax lot generally a purchase against your closing transaction generally a sale. If you select VsPurchase, you'll see all of your available lots for that security. To select the shares of each lot to be applied to your current trade, enter the number of shares you would like to designate into the Quantity to Apply Qty to Apply field to the right of the lot in question.

The tool will calculate the Cost to Apply from each of the lots you choose. Your tax strategy can only be changed from the day following the trade execution up to and including the settlement date.

After the settlement date, you cannot make any changes to the calculation method used for that particular trade. If you don't make a selection, Scottrade will use the global tax strategy you have chosen. If you have not changed your global tax strategy, Scottrade will use the default election FIFO first in, first out to calculate your gains and losses.

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The material provided is for informational purposes only. Please consult your tax or legal advisor for questions concerning your personal tax or financial situation. Investors should consider the investment objectives, charges, expense, and unique risk profile of an exchange-traded fund ETF before investing.

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A prospectus contains this and other information about the fund and may be obtained online or by contacting Scottrade. The prospectus should be read carefully before investing. Leveraged and inverse ETFs may not be suitable for all investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies.

Investors should monitor these holdings, consistent with their strategies, as frequently as daily. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund before investing.

No-transaction-fee NTF funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder or SEC 12b-1 fees.

Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. It contains information on our lending policies, interest charges, and the risks associated with margin accounts. Options involve risk and are not suitable for all investors. Supporting documentation for any claims will be supplied upon request. Consult with your tax advisor for information on how taxes may affect the outcome of these strategies.

Keep in mind, profit will be reduced or loss worsened, as applicable, by the deduction of commissions and fees. Market volatility, volume and system availability may impact account access and trade execution.

Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss, in a down market. Third-party websites, research and tools are from sources deemed reliable.

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Setting a Tax Strategy From the Tax Strategy page, you can control which method the application uses to match closing transactions. Setting a Tax Strategy When Scottrade reports your cost basis information for covered positions to the IRS each year, the tax strategy used can potentially have a significant impact on the taxes you owe. When you're finished, click Save. Call Us At Unauthorized access is prohibited.