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Technology Stocks : QUANTUM -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (7429)	3/3/1998 3:15:00 PM
From: Joe Hoek	Respond to of 9124

Off topic: Wash Sale. I'm having a little problem with your grammar and wording, but what I think your saying here: <<You will never lost the LAST loss, which has all the previous loss locked in, as long as you do not buy it back before Feb. 1>> If you sold on or before 12/31/97 and had a net loss (previous wash sales or not), and did not buy before 02/01/98, then there is NO wash sale, and you (have to) take your losses in 1997. If you did buy before 02/01/98, then you couldn't take the loss in 1997 and must add it to you basis. You also said <<Wash sale only makes difference on year to year basis. I washed, so what? It won't make any difference in my actual gain/loss as long as I don't buy it back before Feb. 1>>. Wash sales do not depend on a year to year basis. If you do a wash sale in say January 1998, then don't sell again for 10 years, you cannot claim the loss until then. Doesn't matter when in the year it happens, just that you bought back within 30 days, January, June, December, doesn't matter. The only problem is when you sell at a loss in December, and WANT to take the loss in that year, you MUST wait 30 days, otherwise you CANNOT take the loss in that year. <<Yes. I did sell half my position in QNTM on 12/31/97 to offset my capital gain in 1997. But I haven't bought it back until after Feb. And I will wash as many time as I want on QNTM as long as I don't buy it back before next Feb. 1>> If you did sell on 12/31/97 and DID NOT buy back in until after 02/01/98, then YOU DID NOT HAVE A WASH SALE, and you can take your loss in 97 to offset your gain. IF I have misunderstood you, I apologize in advance. Yes the wash rule is simple, but there is a lot of misinformation out there, and many investors think if they do a wash sale, they can never take the loss. Just trying to help. Don't take my post(s) personally. Joe Hoek