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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (812)3/29/1998 9:51:00 AM
From: Pete  Read Replies (1) of 5810
 
Do wash sales rules apply if the first transaction is a profit?

For example:

I buy 1000 shares of XYZ and realize a short term profit of $1000.
The next day, thinking it will run again, I purchase 500 shares
of the same stock and sell it quickly for a loss of $250.

Does the wash sale rule apply in this case? If it does, how do I report this on Sched D?

I guess I'm confused about the 30 days before + 30 days after. Would
appreciate if someone could explain this too.

Pete
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