Allstocks.com's Bulletin Board: Wash sale rules and taxes reminder

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Topic: Wash sale rules and taxes reminder

yes
New Member

Member Rated:

posted

Just a reminder to some of the newer traders who might not know this.

If you sell a stock at a loss, you cannot buy the same stock again for 30 days and still claim the loss on your taxes.

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bauer
Member

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posted

Damn

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theprofit
Member

Rate Member

posted

I wish they would make a rule where you buy a stock and profit and rebuy within 30 days and not have to pay taxes on gains from first position. Then I woke up...

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Meshoe45
Member

Member Rated:

posted

That sucks.

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tstruck02
Member

Rate Member

posted

In some cases you can still take the loss. I suggest everyone go to irs.gov and look up wash sale.
T

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yes
New Member

Member Rated:

posted

Yes, this is true. One way I believe you can get around the wash-sale rule is by being classified as a day trader. Not sure what the requirements are though. I think you have to make a profit doing daytrading for several consecutive years - but dont quote me on that.

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tstruck02
Member

Rate Member

posted

You have to add your loss to the value of the new purchase.

So lets say I put 1,000 dollars into qbid. It tanks and I sell it for 200 dollars. I have 800 loss.
Then I hear there is going to be a run. So within 30 days after the sale I put 1,000 in again. Same amount of shares i had last time. Now my stock value is 1800.
If I again sell for a loss, I will be able to use some if not all of the loss from the first sale.
T

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