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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Bob Willson who wrote (1481)	8/26/1998 11:09:00 PM
From: Dusty	Respond to of 2120

Bob, I am sorry but I am not the one to answer your question. I am mainly a NEW lurker and not brave enough to Day Trade. I am in a learning mode. <g> Dusty

To: Bob Willson who wrote (1481)	8/26/1998 11:23:00 PM
From: Ken Brown	Respond to of 2120

When you sell for a loss, is it still possible to buy the stock again within 30 days. Absolutely. However, whether you can deduct the loss during the current tax year is another question. The wash sale rule has been discussed many times in the "Short-Term", "IRS, Tax related strategies - Traders" subject. Here's one message, I know there are many, many others: Message 5571250 Ken

To: Bob Willson who wrote (1481)	8/27/1998 8:53:00 AM
From: Bruce Mapes	Respond to of 2120

Dusty, It is possible to re-buy the stock in less than 30 days, but you must take the prior loss and apply it to your basis price on the re-purchase. If you sell it within the same tax year, it doesn't make a difference, but if you sell it in the next year, you cannot recognize the loss until you sell the stock you repurchased. This assumes you file as a normal investor and use schedule D (capital gains/losses). There is a filing status of "Trader" that allows you to re-purchase and take the loss right away, but you have to qualify as a full-time "Trader" to do that.