Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Zack Zaccagnini who wrote (151)	10/28/1997 6:13:00 PM
From: Gorak Shep	Read Replies (1) of 5810

Zack, yes you can get back in the next day or the next minute after you have sold for a loss. But the IRS does take notice of such "quirky re-entry" and they call it a wash sale. Consult an appropriate advisor or read the IRS doc to understand the full implications of a wash sale. Basically it means you can't take the loss directly on your Sched D but rather you have to add the loss amount to the basis (ie the cost of) your new position for tax purposes. It defers the loss into the next position but you do eventually realize it.

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