Interactive Brokers enables TWS users to change trades’ cost basis via Tax Optimizer tool

Maria Nikolova

Users of the platform can try up to seven different automated matching methods across all lots, including Highest Cost or Maximize Long Term Gain, or manually for a specific lot.

Online trading major Interactive Brokers continues to enhance its TWS platform. The latest (beta) release of the platform allows traders to change their trades’ cost basis directly within TWS using the built-in Tax Optimizer tool.

Users of the platform can try up to seven different automated matching methods across all lots, including Highest Cost or Maximize Long Term Gain, or manually for a specific lot. They can see each trade’s potential profit and loss using their selected method, broken out by long-term and short-term gain or loss.

To use the Tax Optimizer, start from the Trade Log, your Portfolio, or a Watchlist. Right-click on any ticker and choose Select Lot. If this selection is not visible, expand the context menu using the arrow at the bottom of the right-click list. If you have available lots to match the Tax Optimizer window will populate. The Closing Trades sections displays all unsettled trades that are available for matching.

Modify the tax lot matching method individually for each Closing Trade, or select a matching method from the pick-list in the top panel to apply to all closing trades.

When you change the method, both your short and long-term P&L are recalculated. When done, click Submit to save. These changes will be reflected on your next account statement.

Users of the platform can make changes to a trade’s matching method until it has settled.

Let’s note that Tax Optimizer is not available to Canadian or Interactive Advisors clients.

Among the latest improvements to TWS is the expansion of TipRanks ratings which now include non-US stocks, with added coverage for over 6,700 Canadian and European companies. TipRanks evaluates recommendations by financial analysts and bloggers, and then ranks their recommendations based on historical accuracy and performance.

To view TipRanks Ratings and Sentimental Analysis, select a symbol and open Fundamentals Explorer from the New Window drop-down. Open the Analyst Ratings tab and click TipRanks Ratings or TipRanks Sentiment.

TipRanks Ratings and Sentiments are available across all of Interactive Brokers’ trading platforms, including Client Portal, IBKR Mobile for iOS and IBKR Mobile for Android.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<