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To: Mac Oliver who wrote (19631)	3/21/1999 10:17:00 PM
From: GBT	Read Replies (1) of 53068

Mac, There is no penalty associated with a wash sale. If you own a stock that you take a loss on and then buy it back within a 30 day period, you have to change the cost basis on the new purchase to reflect the loss that you took on the first sale. The loss on the first sale is postponed until you sale the second purchase of the stock. If you close out all wash sales by the end of the year there would be no change to your profit or loss statement because of any wash sales. One problem that can arise however is if you buy a stock in January that you took a loss on in December within a 30 day period, that loss would not be available for the year that it was sold. You would have to wait till the position that you opened in January was closed out. fairmark.com

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