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

To: Sonki who wrote (320)12/26/1997 7:11:00 PM
From: RWalker  Read Replies (3) | Respond to of 5810
 
Can someone help me out here please?
I bought a stock xxx one morning and as it went down by a point after an hour, I closed my position with a small loss. A few hours later I bought the stock again but as it went down further, I once again closed my position with a loss. I have not traded that stock ever since. Now can I write the loss off in my tax return or will it be a wash sale? (I did not hold any position in that stock before that day or after that day. I held the stock just for a few minutes on that day alone.)
Please let me know whether the loss can be written off. Any other tax related tips will be appreciated.
Wishing you all Happy New Year.
Thanks in advance



To: Sonki who wrote (320)12/27/1997 12:31:00 AM
From: Colin Cody  Respond to of 5810
 
Sonki, trades held greater than 12 months but less than 18 months that were closed (sold) after May 6th 1997 and before July 29th, 1997 are taxable at the new 20% or 10% Max rate rather than the old 28% max rate.
.
Colin


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