Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: Mama Bear who wrote (35298)	5/8/1999 9:33:00 PM
From: Peter V	Read Replies (3) of 122087

OT - Barb, you know the wash sale rule, if you sell a long position and then buy it back within 30 days, the IRS treats it like if never occurred, and you don't get to take the tax loss (assuming there is a loss). Does it work in reverse? Short XYZ for $10, cover at $8, short again in 10 days at $9, cover at $7, short again in 10 days at $8. Can you then hold onto the short long enough to pay long-term capital gain taxes for all the profits? Same should work for long positions where you sell high, then buy back low. Or does the wash sale rule only cover losses?

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