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 3:18:00 PM
From: Kaye Thomas	Read Replies (1) of 1383

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? Assuming these are your only transactions, you report a loss of $2,000 on the May 15 sale, and a gain of $2,000 on your May 31 sale. You don't add the loss to the basis of the stock sold on May 31 because you don't have a wash sale. You simply have a sale on which the loss is reported like any other sale at a loss. If there are no other transactions on your tax return, you'll have $2,000 as a loss and $2,000 as a gain, with a net gain/loss of $0. Kaye Thomas, author Fairmark Press Tax Guide for Investors fairmark.com

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