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homey_g

12/30/08 2:12 PM

#33572 RE: syracuseo #33570

That is what I figured but I needed clarity!
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jhauns

12/30/08 2:15 PM

#33574 RE: syracuseo #33570

No that is incorrect. You should consult your accountant but I know this is incorrect, you don't need to wait to incurr the loss.
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WhiteSahara

12/30/08 2:45 PM

#33580 RE: syracuseo #33570

Trade date controls

When determining what year you sold your stock, the trade date is what matters. This is the day the transaction took place on the stock exchange. If you contact your broker on the last trading day of the year, you can complete a sale in the current year if your broker executes the trade that day. On major exchanges, the last trading day is December 31 unless that day falls on a weekend.
Settlement date

Stock market trades generally settle a few days after the trade date. This is the day shares and cash actually change hands. But the settlement date doesn't matter for purposes of determining when your sale took place. If your trade date is in the current year and your settlement date is in the following year, the tax law says you made the sale in the current year (year of the trade date).

http://www.fairmark.com/capgain/lastday.htm