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Technology Stocks : America On-Line: will it survive ...?
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To: Dr. D who wrote (12884)12/23/1998 11:16:00 AM
From: Cosmo Daisey  Read Replies (1) of 13594
 
"""In addition if you lost money on your margin trade you will loose your tax loss deduction if you
had bought it back this morning as you outlined.

If your not aware of it , it's called the IRS washout rule. Which says if you buy back before 31
day elapses you loose the tax loss deduction.

It suck but it's the law."""
Jinx,
The loss is not lost, its carried into the price you paid for your new holding and will be part of your cost basis. The wash rule means you cannot take the loss in the current tax year unless you sell again and are out for 30 days, too late for this year but it's not lost. If you sell and are out for 30 days on the next transaction then the new cost basis is you tax cost.
cdaiseyPhD@heliopause.com
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