VOLTAIRE'S PORCH-MODERATED 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 : VOLTAIRE'S PORCH-MODERATED

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Percival 917 who wrote (30051)	1/28/2001 11:11:29 AM
From: edamo	Read Replies (1) of 65232

joel...not in an ira account, i trade in a taxable margin account...wash rule does not prevent one from trading, only precludes repurchase of shares within thirty days that were sold to establish a tax loss....if you repurchase within that period, you have to recalculate the cost basis for tax purpose. tax code section 1091(d) basically states: "a substituted basis applies to the new stock or securities acquired in a wash sale. assuming that the amount of the new securities is exactly equal to the amount of the securities on which the wash sale rules disallowed a loss, the basis for the new securities is the same as for the old securities,increased or decreased by the difference between the selling price of the old securities and the acquisition price of the new (identical) securities" in essence it becomes a cumulative number...and eventually your gains and losses become taxable or deductible... good luck ed a.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next