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: Nittany Lion who wrote (286)	12/19/1997 1:48:00 PM
From: walt zweifel	Read Replies (1) of 5810

Pardon my intrusion gentlemen..If I may ask a question... The wash sale issue is a bit confusing to me...I've browsed through your thread for an appropriate answer, but perhaps missed it... Here's the scenario I have short term gains during the year of 1997 of say $30,000. With the recent meltdown in some stocks i have a paper loss of $5000 on a particular issue. Long term I am confident this stock will do well. Should I buy an equal number of additional shares of this stock at the now significantly depressed rate (-50%) then sell (FIFO) the original group to take the loss to offset the earlier gains? It appears that this action would simply lower my cost basis. Someone mentioned that since I buy BEFORE I sell its ok and is acceptable by the IRS to offset my taxes on the gains.... Thanks in advance, walt

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