Assuming you are subject to US tax code, opening a separate account will not help.
You are still subject to FIFO (across all accounts) unless you specifically identify at the time of sale which lot you are selling (in the olden days, by sending in the appropriate certificates, but nowadays by specifying the opening date/price).
But AFAIK, IB does not provide you a mechanism to do this, so this option does not really exist with IB. And actually I don't know that the code requires the written confirmation discussed in pub 550 cited below, but I will defer on that detail.
And as far as I know, there is no LIFO alternative as a default.
c.f. IRS Publication 550 (pg 44 in 2006 version):
...
Adequate identification. You will make an adequate identification if you show that certifidend cates representing shares of stock from a lot that you bought on a certain date or for a certain price were delivered to your broker or other
agent.
Broker holds stock. If you have left the
stock certificates with your broker or other agent, you will make an adequate identification if you:
⢠Tell your broker or other agent the particu- lar stock to be sold or transferred at the time of the sale or transfer, and
⢠Receive a written confirmation of this from your broker or other agent within a reason- able time.
Stock identified this way is the stock sold or transferred even if stock certificates from a dif- ferent lot are delivered to the broker or other agent.
Single stock certificate. If you bought stock in different lots at different times and you hold a single stock certificate for this stock, you will make an adequate identification if you:
⢠Tell your broker or other agent the particu- lar stock to be sold or transferred when you deliver the certificate to your broker or other agent, and
⢠Receive a written confirmation of this from your broker or other agent within a reason-able time.
If you sell part of the stock represented by a single certificate directly to the buyer instead of through a broker, you will make an adequate identification if you keep a written record of the
particular stock that you intend to sell.
Bonds. These methods of identification also apply to bonds sold or transferred.
Identification not possible. If you buy and sell securities at various times in varying quanti- ties and you cannot adequately identify the shares you sell, the basis of the securities you sell is the basis of the securities you acquired first. Except for certain mutual fund shares, dis-cussed later, you cannot use the average price per share to figure gain or loss on the sale of the shares.
