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?
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.
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