Cost basis - Specific Shares vs The Rest (AveCost/FIFO/HIFO/Etc)

[TheContinentalOp]

Is there any reason not to use Specific Shares when determining your cost basis?

The only two downsides I could come up with are:

1. The time spent on record-keeping
2. It's easier to screw up, and when the IRS gets around to finally noticing you'll have interest and penalties to pay.

Meanwhile SS still allows you to use all the other forms of cost basis (except AveCost)

Or am I missing something?

[bacchi]

Isn't it handled by your brokerage? They take care of all the record keeping and the tax form.

The only downside I can see is that it takes a few minutes of work picking specific lots to sell compared to "sell $10,000 of VTI."