SI
SI
discoversearch

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 : Income Taxes and Record Keeping ( tax )
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Cents who wrote (762)3/16/1998 9:00:00 AM
From: Spots  Read Replies (1) of 5810
 
Even to my relatively uneducated eye this post raised a couple
of flags. Colin has mentioned the biggest, which is that FIFO
has nothing to do with the wash sale rule.

Another was maybe just terminology, but options losses
(including commissions) are not DEDUCTABLE, they are
CAPITAL LOSSES. Maybe this was just loose terminology,
but if not the differences between sched A (deductions) and
sched D (cap gain/loss) is substantial, both pro and
con depending on circumstances.

Finally, there's enough misinformation in your report
that I would urge you to check out what your taxman
told you with a competent cpa or tax attorney. It
doesn't sound to me like your taxman is either. For
one thing, no real taxman should have to look up the
wash sale rule unless you have VERY esoteric investments.
(I admit I'd have to look up the guidelines for, say,
a deep-in-the-money call versus the stock, but I'm
no taxman, thank goodness.)

Regards,

Spots
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News