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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: Mark[ox5] who wrote (37926)	1/2/1999 10:52:00 PM
From: Jetta	Respond to of 119973

You should be asking your tax preparer those questions to get the best answers. Jetta

To: Mark[ox5] who wrote (37926)	1/2/1999 10:54:00 PM
From: kendall harmon	Respond to of 119973

MarkOx: Let me take the second question first and post basic information on the wash sale rule first. If you are not clear about it, please check the tax related threads on SI about it or PM me. It is a very important rule and many traders and/or their accountants do not know about it or do not apply it correctly. This is a good start: "Section 1091 of the tax code says that if you sell a security at a loss, you can't deduct the loss on your tax return if you acquired a "substantially identical" security 30 days before or after the sale. So if you buy a stock on Monday and sell it at a loss on Tuesday, the wash sale rule says you can't claim that loss if you buy back the same stock within 30 days, says Ted Tesser, tax securities specialist in Boca Raton. You can't do anything with the loss until the 30-day period is up, even at year-end. If you sold something at a loss on Dec. 28, 1998, you now have a 30-day window that goes into January. You must wait until that period is over before you file your 1998 tax return in order to take the loss, notes Shapiro. But there's still one way to claim a loss if you buy back a security before the 30-day holding period is up: You can add the loss to the basis of the repurchased security. Let's say you buy a share at $10, sell it at $8, and buy it back within 30 days at $9. You can add the original $2 loss to your new cost basis, which is now $11. If the stock rises and then you sell, let's say at $12, your taxable gain is only $1." From Tracy Byrnes tax columns on thestreet.com which are an excellent resource.

To: Mark[ox5] who wrote (37926)	1/2/1999 10:57:00 PM
From: kendall harmon	Read Replies (1) \| Respond to of 119973

As for your first question, a practice some of us use is to enter all trades on Quicken. This is hardly flawless software but it is very good any once you enter the data there and needed changes to it are easy, i.e. it will take it and print it into schedule d via turbotax, etc.