IRS, Tax related strategies--Traders Message Board

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

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To: softcash who wrote (535)	10/25/1998 1:17:00 PM
From: Brendan W	of 1383

You report a short-term gain of 2,000 on the first lot and a short-term loss of $2,000 on the second lot for a net short-term gain of $0. No tax is due... but, no, the basis does not roll forward. Instead, gains and losses are netted against each other. It gets more complicated when you have gains and losses of different holding periods (short vs. long term). You wrote: >>>>>>> Thanx Kaye, but what confuses me is.. Buy 3000 stock x at 10 May 1 Sell 1000 stock x at 8 May 15, lost $2,000 Sell 2000 stock x at 11 May 31 gain $2,000 How much gain do I report to the IRS in this example? If it is zero, then the loss on May 15th in the above example must have been added to the basis of the stock that was sold on May 31st?

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