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To: Phuoc Le who wrote (9598)2/20/1998 2:27:00 PM
From: Bradley W. Zohn  Respond to of 14631
 
>I believe for individuals, you can only write-off up to $3,000 and
> the balance can be carried into next year, up to $3,000 per year.

This is true although I thought the amount was $3500, but that is a net amount for all your investments. So, if the said investor sold a million shares at a huge loss, he/she could write the entire amount against profits taken that year on other transaction(s). Hopefully the poor investor did make some profits somewhere.

Good old Uncle Sam -- his hands are deep in your pockets when you come up a winner, but take a bath and he's only good for your percentage of a meager $3500

bz



To: Phuoc Le who wrote (9598)2/20/1998 5:39:00 PM
From: Mark Ericson  Respond to of 14631
 
The IRS guidelines state you cannot deduct a wash sale loss if you

"Enter into a contract or option to acquire substantially
identical stock or securities."

within 30 days of the loss.

However, there are other ways to recapture some of the loss by applying it to your cost basis in a future sale.


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