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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Aloha who wrote (2094)3/28/1999 11:11:00 AM
From: Colin Cody  Read Replies (1) | Respond to of 5810
 
Aloha, Occasional buying and selling capital assets in an IRA is investing, and you are correct, NO tax issues basically to worry about. No wash-sales, no market-to-market, no first-in-first-out, no accounting for splits, dividends, or even as you asked, SALES. No reporting for fully-paid-for sales or gains on capital assets invested in by an IRA.

All that MIGHT potentially change with daytrading in the IRA.

Colin



To: Mr. Aloha who wrote (2094)3/28/1999 1:01:00 PM
From: Brendan W  Read Replies (1) | Respond to of 5810
 
Just wanted to point out that your IRA purchases can create wash sale situations in your taxable account... i.e. buy stock A in your IRA and within 30 days tax-loss sell stock A in your taxable account ... there is a good argument that this creates a wash sale (as has been discussed on this thread). This is a reason for maintaining good records in your IRA if you trade the same securities in taxable and non-taxable accounts.


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