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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Colin Cody who wrote (1684)1/2/1999 4:50:00 PM
From: Dr. D  Read Replies (2) of 5810
 
Colin

This is my first day on this thread. I have read a few posts, you seem to be the local Guru. But address these questions to all as well.

Is there a IRS rule regarding day trading a Roth Ira account? I mean, in terms of how long you must hold the position before taking profits.
If so, please explain in simple terms.

I was watching CNBC's Money Bowl yesterday (1/1/99) and one of the guests alluded to this rule but did not clarify it.

Additionally, (Non IRA question) How would the washout rule apply to this scenario?

I buy xyz and it tanks on news. I immediately short the stock then sell the long position , hold the short and close the position at a profit that day.

Thanks

3d
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