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#2
12-28-2007, 05:39 PM
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 Re: "Wash Sales" - recapture before end of year? On Dec 27, 4:07*pm, "Phil Marti" <prm20...[at]verizon.net> wrote: - quote - > "Hauslohn" wrote:
the IRS Publication> > Unknowingly we incurred Wash Sale losses which were "lost" to us as we > > bought back into them within 30 days or had traded with 30 days prior > The losses weren't lost, they were deferred until you sell the stock in > question and don't buy it back within the 61 day period around the sale > date. *Since a wash sale requires that you still own the stock, you just > adjust the basis for the stock you still hold. *The wash sale loss is thus > factored into your gain/loss calculation when you actually dispose of the > stock. > > ( accounts are ordinary, not IRA, etc) - many of these concern *stocks > > which we will probably invest in again ( in some cases we have). * The > > question is.....in order to recapture these > > " lost losses" where we are not in the stock now but like it and will > > buy it back again, > This makes no sense. *If you no longer hold any of the stock, your wash sale > loss has already been recognized. > See IRS Publication 550. > -- > Phil Marti > Clarksburg, MD > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > Our thanks to the both of you.... we will now " digest" your help and - Our best wishes for a happy and successful 2008 Hauslohn -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
12-27-2007, 08:07 PM
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| Re: "Wash Sales" - recapture before end of year? "Hauslohn" wrote: - quote - > Unknowingly we incurred Wash Sale losses which were "lost" to us as we
The losses weren't lost, they were deferred until you sell the stock in> bought back into them within 30 days or had traded with 30 days prior question and don't buy it back within the 61 day period around the sale date. Since a wash sale requires that you still own the stock, you just adjust the basis for the stock you still hold. The wash sale loss is thus factored into your gain/loss calculation when you actually dispose of the stock. - quote - > ( accounts are ordinary, not IRA, etc) - many of these concern stocks
This makes no sense. If you no longer hold any of the stock, your wash sale> which we will probably invest in again ( in some cases we have). The > question is.....in order to recapture these > " lost losses" where we are not in the stock now but like it and will > buy it back again, loss has already been recognized. See IRS Publication 550. -- Phil Marti Clarksburg, MD -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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12-27-2007, 07:53 PM
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| Re: "Wash Sales" - recapture before end of year? Hauslohn wrote: - quote - > Unknowingly we incurred Wash Sale losses which were "lost" to us as we
You state "where we are not in the stock now". If you no longer hold the> bought back into them within 30 days or had traded with 30 days prior > ( accounts are ordinary, not IRA, etc) - many of these concern stocks > which we will probably invest in again ( in some cases we have). The > question is.....in order to recapture these > " lost losses" where we are not in the stock now but like it and will > buy it back again, do we need to buy back in again " before" the > year's end in order to add the Wash sale losses back as part of our > cost basis - or do the Wash Sale losses carry over into 2008? > Thanks in advance for any help > Hauslohn stock, the wash sale either doesn't apply, or did apply but you recouped it. If you are now sitting on a loss, don't buy it back until 31 days after the last sale on the stock, that sale should contain the allowed loss. Wash sale losses don't 'carry' year to year, they follow the shares you bought which created the issue in the first place. JOE -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
12-27-2007, 05:33 PM
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| "Wash Sales" - recapture before end of year? Unknowingly we incurred Wash Sale losses which were "lost" to us as we bought back into them within 30 days or had traded with 30 days prior ( accounts are ordinary, not IRA, etc) - many of these concern stocks which we will probably invest in again ( in some cases we have). The question is.....in order to recapture these " lost losses" where we are not in the stock now but like it and will buy it back again, do we need to buy back in again " before" the year's end in order to add the Wash sale losses back as part of our cost basis - or do the Wash Sale losses carry over into 2008? Thanks in advance for any help Hauslohn -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| end, recapture, wash sales, year |
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