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Post# of 735019
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clawmann

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clawmann

Re: wamuvoodoo post# 344219

Monday, 11/14/2011 2:11:18 PM

Monday, November 14, 2011 2:11:18 PM

Post# of 735019
When the share is canceled you have to treat all the money you got from the short sale as a capital gain at that moment. It is in the IRS regs. This was discussed before in detail. It is the same as the cancellation of any debt obligation. Example: you borrow money, then the lender let's you off the hook; at that moment you have to treat the money you received on the loan as income. Taxable income.

Any legal analysis I post may not be relied upon by anyone for any
purpose. If you want legal advice you can rely on, hire a lawyer.


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