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Strategies & Market Trends : The Amateur Traders Corner
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To: Paul A who wrote (15612)11/4/2001 2:33:28 PM
From: Dale Baker  Read Replies (1) of 19633
 
Yes, the IRS doesn't care when you bought or sold, just the difference between what you paid and what you made. Turbo Tax works the same way if I remember correctly. All that matters is cost basis and proceeds from the sale.

When I sell a stock I don't already own in Quicken it reminds me that it is recording a short transaction. Then when I enter a buy later, it flattens the position.

I have never heard of anyone getting queries from the IRS if they had hundreds of stock trades. Frankly, the IRS has bigger fish to fry than finding a few thousand bucks of mistakes in a jam-packed schedule on your return.

Carry-over - someone else will know better but I believe that an old carry-over can only be used $3000 per year in subsequent years.
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