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

To: Cents who wrote (762)3/16/1998 3:02:00 AM
From: Colin Cody  Read Replies (3) | Respond to of 5810
 
Cents: "First In, First Out" (FIFO) rule to avoid stockwashing. So from that, it seems to me that Gary you do not have a stock wash....as long as you keep your transactions separate, your loss is tax-deductible
.
This is not the law. You have a 61 day window to review. FIFO has nothing to do with wash sales. FIFO has to do with identifying which purchase you use to match with a sale. The loss thereon may be deferred if you bought the same security within the 61 day window.
.
Colin



To: Cents who wrote (762)3/16/1998 9:00:00 AM
From: Spots  Read Replies (1) | Respond to of 5810
 
Even to my relatively uneducated eye this post raised a couple
of flags. Colin has mentioned the biggest, which is that FIFO
has nothing to do with the wash sale rule.

Another was maybe just terminology, but options losses
(including commissions) are not DEDUCTABLE, they are
CAPITAL LOSSES. Maybe this was just loose terminology,
but if not the differences between sched A (deductions) and
sched D (cap gain/loss) is substantial, both pro and
con depending on circumstances.

Finally, there's enough misinformation in your report
that I would urge you to check out what your taxman
told you with a competent cpa or tax attorney. It
doesn't sound to me like your taxman is either. For
one thing, no real taxman should have to look up the
wash sale rule unless you have VERY esoteric investments.
(I admit I'd have to look up the guidelines for, say,
a deep-in-the-money call versus the stock, but I'm
no taxman, thank goodness.)

Regards,

Spots



To: Cents who wrote (762)3/21/1998 8:55:00 PM
From: Dusty  Respond to of 5810
 
Cents,

Great post. I have a question. If you hold stocks in street at the brokerage firm and want to sell using the FIFO approach, will they see this is carried out and is it done automatically or do you have to put this in writing and file it with the brokerage?

Thanks,

Dusty


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