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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host -- Ignore unavailable to you. Want to Upgrade?

To: michael meyers who wrote (4585)4/13/1998 12:34:00 PM
From: Brian Beinlich  Respond to of 42834
 
> My understand, after discussing with others, and reading carefully the rules, is that the 30 day "wash rule" period applies to both *before* and *after* the sale date.

This is true. What BB suggested was to buy the new shares, wait the
31 days, then sell the old ones.

Regards,
BB



To: michael meyers who wrote (4585)4/13/1998 12:51:00 PM
From: Trebor  Read Replies (2) | Respond to of 42834
 
If my tax man wasn't swamped right now I'd ask him because I'd really to know if this technique is permissable. And if so, would it apply to mutual funds as well as stocks? Legal or not, I think it would be very unlikely to catch the IRS's attention, unless it turned up during an audit. For example, if I own 500 shares of XYZ, buy 500 more today and sell 500 tomorrow, how would the IRS know this wasn't just one of my typical bonehead trades?


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