Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: GT who wrote (1539)	11/30/1998 10:53:00 PM
From: Colin Cody	Read Replies (1) of 5810

gorcon, Yes, an active trader could take a 31 day vacation, remaining flat in December and avoid most or all of the effects of the wash sale rule. or he could elect Sec 475 and avoid the wash sale rule in its entirety for his elected trader transactions. You can read back in the two income tax threads here on S.I. for lots of Sec 475 discussion. (use the S.I. search function) I would recommend using a qualified, experienced CPA, preferably in your area of the country to discuss your plans with. Make sure he/she is familiar with "trader status". Don't go to a generalist in taxes. Colin

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