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Abbott Laboratories Message Board

  • beancounterp beancounterp Mar 6, 2006 9:14 PM Flag

    wash rule??

    my problem, accountant says it is too late to designate "mark to market". says we have to go on schedule D, capital gains and losses. in 2002 i traded over $42 million. i have days where i trade 150-200k shares of a stock in 5000-1000 share blocks. my understanding of the wash rule is that you cannot sell a stock at a loss, then rebuy it within a 30 day period, and take the loss, if you rebuy it you loose the loss. so look at this.

    day 1
    buy 5000 cien- sell for gain of $200
    buy 4000 cien- sell for gain of $100
    buy 9000 cien sell for loss of $300

    am i flat gain/loss for the day or am i required to only show the gains without being able to take the loss? ie...capital gain for the day of $300? what do you think?

    thanks

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    • Bean,
      Abtlad is correct. His last line for buy /sell/ loose/ on same day is key for all but especially busy daily traders.

      By mistake I have had you on ignore for several weeks apparently. Don't kwow how that happened. Probably got pissed at "hopfart" and hit wrong guy.
      Anyway, as we have discussed a real no shiet CPA will know this stuff out of hand. My Daughter is a CPA and says when folks get in trouble it is usually becaues their"accountant" does not have the proper info to advise. Hope you get squared away!
      O.

      • 1 Reply to ocrepitis
      • Wash Sale Schedule D Generator Software
        Our software provides an easy and fast way to import trades and determining Capital Gains & Losses and WASH SALES from sales of stocks and funds. ... the work for you, including wash sale calculations , All we need is your ... activity to check wash sales rule. 1099 totals values to make sure Schedule D matches with 1099 ...www.vbssol.com/ser.html - 8k - Cached - More from this site - Save

    • If done in the chronologic order you outlined in your note, you're OK. The wash rule is to prevent saddling the gov't with your loss.

      So, had you sold for a loss, then rebought w/i 30 days and sold for a gain, you could not offset the later gain with the earlier loss.

      But, if you acquire first and sell for a gain, you can offset that gain with a subsequent loss, even if in the same day.

    • beanie,

      fairmark has some info on that:

      and sells software to calculate it...

      h**p://www.fairmark.com/resource/tradelog.htm

      w/o

 
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