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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Nutty Buddy who wrote (3614)1/30/2001 3:13:37 PM
From: BWAC  Respond to of 5810
 
No.
<Is it true that I can claim the $3000 loss based on the FIFO rule even though I pocket a $7000 gain in my Non IRA account?>



To: Nutty Buddy who wrote (3614)1/30/2001 3:31:00 PM
From: Larry S.  Read Replies (1) | Respond to of 5810
 
non-ira transactions are the only ones that have capital gains or losses. you are confusing possible wash sale problems between ira and non-ira accounts. you made 7K in real world, have to pay tax on it. larry



To: Nutty Buddy who wrote (3614)1/30/2001 3:43:51 PM
From: Gorak Shep  Read Replies (1) | Respond to of 5810
 
another IRA/Non IRA question:

When you sold shares in your non-IRA account, you have to deliver those shares. If you choose to deliver those shares from your IRA account with the higher cost basis, you would have to be taking them as a distribution out of your IRA account. There are consequences to that like tax on the distribution and possible penalty.

Is this really what you intend?


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