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Financial Planning / Tax Strategies
|Subject: Re: Trader status mark-to-market election||Date: 9/19/2013 5:54 AM|
|Author: TMFPMarti||Number: 119167 of 122008|
I know that a trade of a like security in a tax advantaged retirement account within 30 days of a losing trade in a taxable account may require that I pay taxes on gains in the tax-advantaged account & possibly interest & penalties.
Well, that's news to me. The situation you describe results in a wash sale and nothing else.
Do my accumulated short-term capital loss carryovers from previous years disappear when I switch from Schedule D to MTM?
No. You continue to use them as before on Schedule D.
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