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Technology Stocks : 3DFX
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To: VincentTH who wrote (9425)12/8/1998 2:04:00 PM
From: David R. Parker  Read Replies (2) of 16960
 
OT - Wash Rule

As long as I have not traded it 30 days prior to my sale, the loss is fully deductible...even if sold for a loss on Dec. 31. On examination, the IRS may wish to verify that there were no purchases for 30 days after, but my tax man says he has never had them ask. They can ask for all I care...as I'll easily be able to satisfy their concern. The Dec 1 date is important if you short term trade a stock during the year with losses and gains and choose to not track the adjusted basis made necessary by the wash rule....being out of the stock completely for the 30 days prior to Jan 1 fully satisfies the wash rule, thus allowing deductions for any/all losses in that stock incurred during the year.

David
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