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To: J. M. Blackburn who wrote (1892)12/15/1997 2:06:00 PM
From: ccryder  Read Replies (2) | Respond to of 3696
 
More OFF TOPIC (wash sale)
You can also use options to accomplish much of the same intent. Options are differentiated from stocks. Different strike and expiry are different entities.

For instance I have a profit in a short. I don't want to take my profit now so I buy a call now to lock in my cover price, of course paying the time premium. I settle both next year, getting most of the time premium back. If the stock continues to trash further, I could come out ahead with another option later or buying the stock to cover next year.



To: J. M. Blackburn who wrote (1892)12/15/1997 2:33:00 PM
From: Sultan  Respond to of 3696
 
Although this does not mean much to an american investor, canadian rules are the same as you outlined in you post.



To: J. M. Blackburn who wrote (1892)12/15/1997 5:31:00 PM
From: dogman  Respond to of 3696
 
I have been using this strategy for the last 2 years(sell loosers in taxable account and buy back the same in my ira)I think I called schwab the first time I got the idea and was told it was ok.I've never found anything in the tax code that adresses this particular transaction.

good luck,dogman


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