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: Box-By-The-Riviera™ who wrote (389)	1/5/1998 9:15:00 AM
From: John J H Kim	Read Replies (1) of 5810

<<Let's say one has bought a stock XYZ at $20 for example, the stock performs poorly and this stock is sold at $12 for a loss. Before the 31 days are up, one sees an opportunity to trade this sock for a quick $3 profit and then the XYZ is not re-bought for the next 31 days. Does this mean that you will lose all the tax loss credit for good? or do you now get only a tax loss of $5 instead of $8 for the year?>> For sake of simplicity, let's say I bought 100 shares of XYZ, and traded 100 shares for a quick $3x100 profit and at the end, still am sitting with $5x100 loss on XYZ. Now the stock just doesn't look attractive anymore and I never touch the stock again. Can I claim the $500 tax loss? Much appreciate your time.

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