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I have a tax question, and I am hoping that you, or someone else on this thread can help me out. My question
has to do with tax losses. For example, I have an account with Datek, under sole-propritorship. I own 1000
shares of a stock which I bought at different times during last year with an average cost of $40.00.
Unfortunatelly it has dropped to $20. Can I sell these 1000 shares and take a loss of $20,000? For how long do
I have to stay out of this stock to qualify? Is that 30 days, or 45 days? Are these "Business Days", or "Calender
Days"? Also I do know that an individual is limited to a maximum of $3000/Yr, but I am trading under a
company name under sole-propritorship. Is it different? Can I use the entire $20,000 as loss, and deduct it from
other income? My side business company is involved in brokering I.C.s and has done O.K. this year, but I
have lost my shirt trying to trade. Thanks for your help. I really DO apprecaite it friends. I did call IRS, but they
gave me the run arounds. |
