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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Kenneth E. De Paul who wrote (4296)10/28/1996 12:05:00 AM
From: Larry S.   of 42771
 
Wash sale rule: if you sell a stock for a loss, any purchases made
within a 30 day window of the sell date will cause you to not be able
to claim the loss on the sell. if you bought novell today at 10 1/8,
and sold your original position 31 days from today, you would be able
to deduct the loss on your taxes. Similiarly, if you sold novell
today, and bought it back 31 days from today, you could also subtract
the loss. the risk in the latter case is price movement of novell in
the next 30 days. who knows, it might be a blessing. in the first
case, ( of buying more and waiting 31 days to sell the first position)
you are doubling up on a dog. There are some more ramifications of
the wash sale rule, which i would explain in more detail if interested,
or better yet consult with the person who does your taxes, or the IRS.
Larry Shapiro
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