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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: GT who wrote (378)6/28/1998 12:40:00 AM
From: WallStBum  Read Replies (2) of 1383
 
I want to be able to sell a loosing position - and turn right around and re-buy it - and subtract the first loss against the eventual profit when I re-sell the second position (in the same stock).

Colin knows better than me, but if you don't sell your second position before 12/31/98, you won't get to deduct the loss from the first position on your 1998 tax return. This is whats known as a wash sale. It's purpose is to keep people from selling losing positions on say 12/29, deducting the loss in that tax year and then buying back the same stock on say jan.2 of the next year, reestablishing the same exact stock position as before, but getting the writeoff.

I am not aware of ANY provision to be able to report greater than 3,000 in capital losses in one year, even for traders. Again though Colin would know better.

dax
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