In FY2018, I traded several tranches of several stocks on Robinhood, all long positions. When I did my taxes last month, I realized that I got royally shafted by Robinhood's stupid FIFO-only rule. When the stocks I owned, went down in value Feb, June and Dec of 2018, I bought additional chunks (tranches) of them. Then, when they started to recover, I started selling them, thinking I had selected the specific, most recent tranches to sell, such that I get incremental gains and never encounter a loss. But the duds at Robinhood accounted them such that the oldest tranche got sold each time and each time it was still underwater, resulting in wash-sales AND loss each time?!?! - I mean, who does that?!?!. So, I got royally screwed by this stupid FIFO-only offering of Robinhood. Anyone else in the same trench as me? Do I have company?
Robinhood better get their act together soon and offer specific-ID selling or else I for one am out of this stupid platform. All other brokerages like Vanguard, Fidelity, ETrade, AmeriTrade offer it and its a basic-need feature - not sure how these people can even claim to have a brokerage platform lacking such critical and basic features!?!.
Instead of wasting time on chasing the newest glitter in town, like crypto or their latest banking-offering debacle, Robinhood has several serious flaws in their flagship trading platform to address; lest Robinhood will be out of business when their VC funding runs out in next year or so.
Submitted May 12, 2019 at 07:28AM by vicargenius http://bit.ly/2Vk7n66
