IRS, Tax related strategies--Traders Message Board

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Strategies & Market Trends : IRS, Tax related strategies--Traders

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To: WallStBum who wrote (381)	6/28/1998 10:27:00 AM
From: Turboe	Read Replies (1) of 1383

I thought the wash rule was no loss AT ALL on a stock if you re-buy in less than 30/31 days (IRS says a month-- 31 to be safe!)-- THIS IS WHAT 4 CPA's HAVE TOLD ME!!! PERIOD!!! I AM PRETTY SURE ON THIS!!!! Secondly-- I know this for sure-- ALL your losses (not 30 day wash!)can be claimed against your gains-- the $3,000 limit is what you can deduct on losses that are greater than your gains-- i.e. (These have to be in the same "basket" (Long vs Short term gains)-- or you can deduct Long-Term gains against Short-Term but not vice versa...) $200,000 in gains $250,000 in losses <$50,000> net loss So you can deduct $3,000 of that $50,000 loss in that year. The remaining $47,000 can be deducted (assuming no more gains-- quit trading <g>) at $3,000 per year-- YOU DO NOT LOSE THEM-- THEY ARE DEFERRED!

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