Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: Bob Willson who wrote (1481)	8/27/1998 8:53:00 AM
From: Bruce Mapes	of 2120

Dusty, It is possible to re-buy the stock in less than 30 days, but you must take the prior loss and apply it to your basis price on the re-purchase. If you sell it within the same tax year, it doesn't make a difference, but if you sell it in the next year, you cannot recognize the loss until you sell the stock you repurchased. This assumes you file as a normal investor and use schedule D (capital gains/losses). There is a filing status of "Trader" that allows you to re-purchase and take the loss right away, but you have to qualify as a full-time "Trader" to do that.

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