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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (1559)12/6/1998 5:03:00 AM
From: grw5  Read Replies (1) of 5810
 
Colin,

If you have covered this for someone else just kick me and point me in the right direction to find it.

I have a stock that has gone down in value. I want to write off a loss, but also think the stock has potential for a turn around. If I buy more stock now and then sell the amount that I originally had before the end of the year could I treat the sale as a loss under "first in/first out" so that although I may have bought and sold the same amount I am technically selling the old higher priced shares and keeping the new lower priced shares.

Looks like it would work to me, but that don't mean it's legal<G>.

TIA,
George
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