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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who wrote (39293)12/26/2000 12:54:18 PM
From: brettf1  Read Replies (1) of 42787
 
Reporting rules, Securities Transactions

This is what my tax software says. Note the interesting nuance for covering short sales with a loss though.

"When purchases or sales of stock are made through a stock exchange, there are always two dates involved: the trade date and the settlement date. The trade date is the date the transaction is entered into and the settlement date is the date payment is made and the stock delivered. The settlement date is usually five business days after the trade date.

The holding period of stock is measured from the trade date. For example, if you bought 100 shares of Continental Shelf on June 28, 1999, and sold it on June 29, 2000, gain or loss would be long-term, because from trading date to trading date was one day more than 12 months.

Gains and losses are realized on the trading date. If you sold Continental Shelf on December 29, 2000, you would report the gain or loss on your 2000 return, even though you did not receive any cash until the settlement date in 2001.

Losses on short sales are not deductible until the settlement date. (A short sale occurs when you sell stock you don't yet own in hopes of buying it at a lower price before you have to deliver it.)"

Brett
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