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Financial Planning / Tax Strategies
|Subject: Re: Long & short of stock sales||Date: 3/30/1998 12:45 PM|
|Author: KATinChicagoland||Number: 3126 of 125202|
Your numbers look about right to me on a quick pass, but to really be certain you should check with Danny's wife. <g>
As to what constitutes a wash sale, only the sale of 100 shares at a loss is a wash sale. The other sale is not a wash sale for two reasons:
1. Wash sales are for losses only.
2. You don't have a wash sale when you don't hold replacement stock for the stock you sold. You hold replacement stock for the 100 shares you sold at a loss, but not for the other 400 shares.
Final comment: It would be nice if the Fidelity's of the world provided help with these issues, but that really isn't their job. All they have to report is the date of sale and the amount of sale proceeds. I'm not aware of any broker out there who will identify wash sales for you. Anyone know of one?
KAT in Chicagoland
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