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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (577)	11/28/1998 8:40:00 PM
From: Gary Korn	Read Replies (1) \| Respond to of 1383

But YES if you happened to not trade any stocks at all for 31 days 12/2/98 thru 1/2/99 all wash sales would in effect unwind IF you hold no positions. i.e. at the start of the 31 days you were "flat", cash only and stayed that way for the 31 days. Colin, I day trade a variety of stocks, including DELL, INTC and others. Could I avoid the wash sale rule for DELL if I were just flat DELL for 31 days, while still trading INTC? In other words, do I need to be out of ALL stocks just to eliminate the wash sale problem for 1 or 2 stocks? Thanks in advance, Gary Korn

To: Colin Cody who wrote (577)	11/29/1998 1:09:00 AM
From: ayahuasca	Read Replies (1) \| Respond to of 1383

You seem to be the man in the know around here. If you have a moment perhaps you can answer my question. Actually I think it is likely the most basic question there is but this is the first year this sort of thing applies to me so, here goes. I understand you can write off no more than $3000 in losses, but does than mean $3000 in net losses? To put it another way, if I have $15000 in capital gains against $13000 in losses, I end up with an overall $2000 profit, right? I dont only get to apply $3000 of the total $13000 losses against the $15000 gains, do I? That would mean I would have to pay taxes on $12000 rather than $2000. It cant be that way, can it? Thanks for any and all info aya