Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I posted this a few days ago and it ended up lost with any answers that were posted. TMF says the missing posts are "gone forever". I hope someone (roy?) can clarify this 30 day rule.

Here is my confusion....I buy 1000 shares of XYZ and end up selling it for a significant loss. The stock dosn't look like it will bounce back immediately but it's long term looks good. Meanwhile, I "flipped" it (same number of shares) over the last couple of weeks. I would like to re-buy it for the long term...in order to deduct the big orginal loss, can I buy it back 31 days after the original sell, or do I have to wait 30 days without owning it at all? How are the modest "flipping" profits taxed if I can't deduct the big loss? Can I pay taxes on the modest profits and deduct the big loss if it has been 31 days since the original sell? Hope this makes sense.

David
Print the post  

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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.