Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: Nimbus88 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Horrifying Wash Rule Blunders Date: 1/25/2001 9:23 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hello,

Not being familiar with the wash rule (I'm a newbie investor), I bought a sold a certain stock way too many times, for losses and gains, last year. Looking over my records and thinking how I'll report this on my taxes, I'm seriously considering having my taxes done by someone else this year.

Can someone point me at a very thorough, but easy to understand, article or paper on reporting wash rule affected trades?

Basicaly, I ended up buying this stock 25 times and selling it 9, with a net loss of several thousand. With my basic understanding of the wash rule, I'm guessing none of the sells for losses will actually count as a loss (since I never waited at least 31 days.) I'm still holding some shares from purchases last year.

I read through some other messages on this board from people in similar situations, but don't entirely understand it. Some people mentioned how the loss will eventually count after I end up selling an equivalent amount of shares and not buying them back for 31 days? Ugh, any help would be appreciated!

Thanks!
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement