InfoSpace (INSP): Where GNET went! Message Board

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Technology Stocks : InfoSpace (INSP): Where GNET went!

INSP 75.78

-3.5%

Jan 30 9:30 AM EST

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To: Sam Sara who wrote (6443)	5/31/1999 4:44:00 AM
From: Larry Zenith	of 28311

Forget Wash Sale Rule if you are short-term investor. Wash Sale rule is designed to prevent people from declaring loss and wanting to have the position within 30 days of the sale. If you, bought 100 shares XYZ @ 100, sold @95, and within 30 days, rebought @92, and sold @98. You made $100 profit regardless of which method you use to calculate your tax. Wash Sale: First sale: loss of $500. ( $9500-$10000)( mark it wash sale, it is disallowed to deduct, but can be added as basis for the next purchase ) Second sale: profit $100: cost basis is $9700 ( $9200+$500 wash sale loss ), sale price is $9800. All together: gain $100. Normal Method: First sale: loss $500 Second sale: gain $600 All together: gain $100. What is the difference? The final result is same, if you don't want to hold it long enough to make it long-term capital gain, so why bother to make yourself nuts when preparing tax return? LZ

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