Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: wallstreetplayer Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Quick Question TMFexRO Date: 12/20/2000 12:29 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I bought AAA at 49 on Dec. 9th. Sold at 45 this morning.

I Want to know if I buy them back now at 39 I am subject to the wash rule, so how do I show the loss on my purchase on Dec. 9th?

I am assuming I use the loss from Dec. 9th trade and average it into my basis of the new shares I purchase today.

Correct?

Thanks a million!

Print the post Back To Top
Author: goodeeds Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 43173 of 121095
Subject: Re: Quick Question TMFexRO Date: 12/20/2000 2:53 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I suggest you go to the FAQ and read the article on Wash Sales by Roy Lewis. It will help you out.

Dan

Print the post Back To Top
Author: TMFExRO Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 43182 of 121095
Subject: Re: Quick Question TMFexRO Date: 12/20/2000 5:36 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I Want to know if I buy them back now at 39 I am subject to the wash rule, so how do I show the loss on my purchase on Dec. 9th?

I am assuming I use the loss from Dec. 9th trade and average it into my basis of the new shares I purchase today.

Correct?


Correct. The wash sale rule means that you receive no tax benefit from the loss sale on 12/9, but the basis of the shares you buy today at $39 will be $43 ($39 plus the $4 loss from the wash sale).

You'll still report the 12/9 sale on your Schedule D. The instructions tell you how to account for the wash sale.

TMF ExRO
Phil Marti

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement