Friday, July 16, 2004 10:07:00 AM
After closer review of the financial statement, I no longer think the quarter was a disaster. Operating income was up over Q1, and margins increased. Expenses seemed to be kept in check. I may have been too hasty in the sale of all my shares. I'll be looking for a reentry over the next few days. I'll probably use an aggressive put writing strategy which would result in me having a lower cost basis than before, although I just blew my long term gains tax advantage.
This will take some minor record keeping, but any shares you purchase within 30 days after the sale (on 7/14, right?) are treated as continued holdings of the original shares. You need to track the difference in your sales price and the new purchase price, adjusting for commissions on both, and apply that against your basis for the original sales. The original purchase dates of the old shares are used for the new shares.
Wash sale rules are meant to prevent people from selling & buying back the same shares to book phony losses on taxes. However, it applies equally to gains - you must account for your purchases before 8/14 as adjustments to your original purchase. Now, your put strategy is a complication (it may delay purchases beyond 30 days), you may consider simply repurchasing some shares outright.
Check the IRS web site for wash sale rules.
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