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

To: Trebor who wrote (4587)4/13/1998 1:33:00 PM
From: Surfer  Respond to of 42834
 
Hi Bob and Others: Wash sale nothing but, postpone the loss. If you
are a short term trader, it doesn't affect, because one closes all the trades quickly, etc. Let's say I take a loss on xyz and if I bought again xyz either within 30 days before or after the loss, then ADD your loss to the cost basis of your new xyz shares.
If you sell your second xyz purchase, your gain/loss takes into account your first xyz loss. Only impact is, if your second purchase
is not sold until next year, then you're waiting to realize your loss
(on the tax form) on the first purchase until next year. if you sold your second purchase in the same year, you're realizing your loss in the same year.

So, the bottom line is, wash sale is delaying your loss until you sold your second purchase. That's my understanding. Correct me please, if I'm wrong. I'm no expert on tax stuff.

Regards,



To: Trebor who wrote (4587)4/13/1998 9:27:00 PM
From: James F. Hopkins  Read Replies (1) | Respond to of 42834
 
Bob; It works fine I'v used it for 3 years..to keep it simple
with mutual funds don't just order x dollar amounts, ( I buy
no loads through my broker ) and order a round number of
X amount of shares. Then any other buys or sells match that
round number. Any sells are lots aginst the highest priced
lot I bought that I can find which hasn't been sold.
They can't tell me which lot to sell, at least not yet.
Jim


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