Replies to post #2784 on Camber Energy Inc (CEI)

[nsomniyak]

If you sell shares at a loss and buy back before 30 days it is a wash sale and you can not claim the loss.

Your broker’s software should handle this. The disallowed loss gets added to your basis.

Assuming you bought this year and sell before year end The was sale wont even be a factor.

[Doc Holliday]

Here is about wash rule. Other post that said you can't take the loss is wrong.

A number of years ago the government wanted to cut down on all the paper they get, so they created the Paper Reduction Act to cut down on paper. If you list everytime you buy and sell a stock in a month in an IRS form it creates more paper. The IRS doesn't want more paper. What you do is you take the first day you bought the stock and put that down for when you got the shares. You add to that number any other shares you bought of that stock that you sold. You list it all under that one day as if you bought them all that day. Then you write down on the IRS tax form the last day you sold any of those shares. You add up all the buys and put them in on the day you bought the first shares. You add up all the sells and put them in on the last day you sold any. Then you see if you have a gain or loss. The numbers come out the same as if you listed everyone individually, but it cuts down on the use of paper. If you look at the IRS info on Wash Trades it explains it just as I said. You can take the loss. All the trades are combined together instead of individually.