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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Kaye Thomas who wrote (2206)5/14/1999 6:06:00 PM
From: Investor2  Read Replies (2) of 5810
 
RE: Another Example of Wash Sale.

1. I bought 100 shares xyz at $26 and a week later sold at $25. Another week later I buy 100 shares of xyz at $20. I'm still holding those shares a year later.

The sale at $25 is a wash sale, so I can't write off the $1 loss and I don't put it on my Schedule D. However, the IRS receives a 1099 saying I sold 100 shares of xyz for $25, which raises the audit alarm.

What did I do wrong?

Best wishes,

I2
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