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To: ild who wrote (113672)	7/20/2001 2:32:15 AM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

You only sell 'em if they have a BIIIGG premo. OTW, what's the point, just go ahead and cover. re: wash sale...if you have a position in any account (long/call or short/put) and buy or sell any stock or option that hedges that position, you've created a boxed transaction. If you close one side of the position, you must hold the other part for (I believe) 60 days or else any loss on either position is considere a "wash sale" and is disallowed by the IRS. However, if later in the same tax year you reopen the position, the previously "disallowed" loss is added to your cost basis. Only applies to taxable (IE, non-IRA, non-401K accounts). Also the rule is meaningless if you obtain "trader" status per the IRS. Can be a problem if you're not paying attention as the year goes on and are trading frequently in and out of a single stock, option or index fund.