IRS, Tax related strategies--Traders Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : IRS, Tax related strategies--Traders

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: dpl who wrote (6)	7/20/1997 2:05:00 AM
From: Richard Ogier	of 1383

I don't have the answer to your question, but I would like to take this opportunity to comment on the wash sale rule and how unfair it is. It is NOT fair for the IRS to prevent you from recognizing a loss when you buy back within 30 days UNLESS they also allow you to not recognize a gain when you buy back within 30 days. They do allow the rollover of gain if the new stock you buy is for a special type of company (SSBIC), but rollover of gain should be allowed for ANY stock. Here is an example. Suppose I accidentally sell a stock, and then buy it back on the same day at the same price just to correct my error. Lo and behold, I now owe a huge capital gain tax! CLEARLY NOT FAIR. I am hoping we can use this forum to fight the IRS on this and other unfair tax laws. Any serious ideas on how we can do this? Pehaps a class action suit? Richard

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next