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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: James Burke who wrote (4144)5/14/1998 11:42:00 AM
From: Daniel Goncharoff  Read Replies (1) of 12617
 
From the 1996 1040 Instructions:

A wash sale occurs when you sell or otherwise dispose of stock or securities (including a contract or option to acquire or sell stock or securities) at a loss and, within 30 days before or after the sale or disposition, you directly or indirectly:

1. Buy substantially identical stock or securities;

2. Acquire substantially identical stock or securities in a fully taxable trade, or

3. Enter into a contract or option to acquire substantially identical stock or securities.

You cannot deduct losses from wash sales unless the loss was incurred in the ordinary course of your business as a dealer in stock or securities. The basis of the substantially identical stock or securities you acquired ... is its cost increased by the disallowed loss...

Report a wash sale transaction on line 1 or line 9 [Note: ST or LT capital gain]. Show the full amount of the loss in column (f) [Note: the 'loss' column]. On the next line, enter "Wash Sale" in column (a) and the amount of the loss not allowed in column (g) [Note: the 'Gain' column].

Hope this helps.

DanG
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