Replies to post #39183 on World Surveillance Group Inc (fka WSGI)

[followinsnsr]

Your right, and unless you have gains to offset your losses you can only deduct $3000. a year for 8 years. Sometimes the washrule is helpful.

<<<<<dfmantx writes:
griff - you don't lose the deduction by the wash rule, you just lose the deduction for that year, you can apply those losses to future tax returns, just not the current years. So, don't let the wash rule dictate your trading, be aware of it, but do not let it dictate how you trade you will not lose the deduction.>>>>>>

[griff100]

Are you sure? That's not how I understand it......
most people also don't know the same rule applies if you buy some 30 days before selling for a loss also...