Stock price gain calculation

[dtrvno]

What is the name of your state (only U.S. law)? CA
Hi,
in 2012 I bought and sold some stocks and got capital gain.
Also , I have the same stock as a long term investment and bought this stock while ago much cheaper. I expected to consider 2012 year trade as a short capital gain , however my broker considers my trade as long capital gain and sent corresponding 1099 to me( first in first out).As a result I should pay much bigger taxes.
Can I report to IRS my trade as short capital gain, exactly how I expected or I obligated send to IRS report from my broker?

Thanks

 

[anteater]

Did you give your broker instructions to sell specific shares at the time of the trade?

 

[tranquility]

Please describe how a long term capital gain is worse, tax wise, than a short term capital gain.

 

[anteater]

Please describe how a long term capital gain is worse, tax wise, than a short term capital gain.

Well... If the OP had specifically identified the short term holding to be sold, the short term gain may have been relatively small. But, on a FIFO basis, the long term dollar gain, and tax liability, may be much larger.

 

[tranquility]

I see, the OP wants to choose how to value, not how to characterize. Then, your first question is key. He cannot change tax treatment after the sale. He needed to specifically identify up front or it will be FIFO.

 

[anteater]

I see, the OP wants to choose how to value, not how to characterize. Then, your first question is key. He cannot change tax treatment after the sale. He needed to specifically identify up front or it will be FIFO.

Yeppers...

 

[davew128]

I see, the OP wants to choose how to value, not how to characterize. Then, your first question is key. He cannot change tax treatment after the sale. He needed to specifically identify up front or it will be FIFO.

and every brokerage I've ever dealt with was very clear about that as well, tax law not withstanding.

 

[tranquility]

I agree. That's why I didn't really understand the question.

 

[dtrvno]

So, looks like I can not do anything just pay unexpected taxes....
Just want confirmation.

Thanks for the prompt response.