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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: kendall harmon who wrote (90)	11/2/1998 11:53:00 PM
From: Baghul	Read Replies (3) \| Respond to of 56535

I was talking about buying and selling the shares within 30 days. I dug out an old Publication 550. Under the section of "Wash Sales", it states: A wash sale occurs when you sell stock or securities at a loss and within 30 days before or after the sale you: 1) Buy substantially identical stock or securities, 2) Acquire such stock or securities in a fully taxable trade, or 3) Acquire a contract or option to buy such stock or securities. It does also mention that you can add the disallowed loss to the basis of the new stock or security. Now I am even more unsure about the law than before. Who writes this stuff anyway. Time to find a good tax person! I have also heard that if you qualify at a trader, you are not subject to wash rules. Is that true and if it is, how do I qualify. Time to make some more money before tax time cometh.