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EDUCATION CENTER
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Trader Tax Status
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epqe17
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stranger
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Reged: 02/14/04
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Posts: 1
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Wash Rule - One More Time
#299 - 02/14/04 04:53 PM
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I would like your expert opinion on may very poor trading positions in WEL this year. I purchased X shares on 3/25 and sold them at a loss 3/28. I then purchased Y shares on 3/31 and sold them at a further loss on 4/10. I didn't trade this stock again for the rest of the year.
I realize I can't take any of these losses this year, but can I now repurchase this stock and add these losses to the basis for this year?
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Re: Wash Rule - One More Time
#301 - 02/16/04 08:57 AM
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Yes, if your 2003 loss was disallowed because of the wash sale rules, then you add the disallowed loss to the cost of the new stock that you purchase in 2004.
However, you may or may not have a wash sale for 2003 that is deferred to 2004. If you close all your positions in and stop trading a particular equity for at least 31 days, the wash sale adjustments finally stop with the last trade, and the loss can now be taken on the date of the last trade.
I would highly suggest that you purchase our GTT TradeLog or TradeLog software to make sure that your 2003 investment/trading gain or loss, including wash sales are calculated properly. Take a tour and download a demo of the software here: http://www.greencompany.com/Traders/Software.shtml
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Darren L. Neuschwander, CPA
GreenTraderTax.com
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