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

To: Tom Hua who wrote (590)12/3/1998 11:10:00 PM
From: dj8000  Respond to of 1383
 
I have a question:
suppose i have a long term position of a stock, say 1000 shares; then i did a short against it for say 100 shares when it's too overvalued but i always keep the long position.

what's the tax consequence for this? for me, i think i just pay the gain i earned from short, but i heard from some one that i need to pay the tax on long also, is this true? if true, pay how much?

Thanks for any comment,

DJ



To: Tom Hua who wrote (590)12/3/1998 11:13:00 PM
From: AlienTech  Read Replies (2) | Respond to of 1383
 
>>, if you have capital gains of more than 7K next year, then they can be used to offset the carryover amount. <<

Ah so what you are saying is, If I had losses of 10k this year I can wrote of 3k of it against income and next year if I had gains of 20K I can write off another 7k and only have to pay taxes on the 13k?


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