Trader J's Inner Circle Message Board

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Strategies & Market Trends : Trader J's Inner Circle

NVDA 182.55

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3:59 PM EST

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To: Baghul who wrote (47)	11/2/1998 10:24:00 AM
From: Trader J	Read Replies (2) of 56535

Bahul, Not being a tax person I would hesitate to answer. But I will give you my interpretation and how I file. If you want to deduct any of the loss of the 50 @ $90/shr., don't buy any until after the wash sale expiration period. I too, have tried to receive a definition of the term "like or similar" number of shares, and nobody has been able to give me an answer. Uncle Sam is trying to protect agains the person that takes a loss on a stock on 12/31, only to pick it back up on 1/1, thus reducing income. As I understand it and as I play it, buying any number of shares in an issue that you have had a loss in 300 days previous constitutes a wash sale and is not deductible. Sorry I don't have more concrete answers, but a lot of tax people are not that familiar with trading. Jeff

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