Replies to post #18611 on DNAprint Genomics (DNAG)

[bigdrive99]

Stockboy,
It's your responsibility to keep track of which shares you are selling. You can do it either of two ways:
1. By averaging your purchases and using that as your cost basis, or;
2. Identifying specific lots that you purchased

I'm not an accountant, but this is my understanding of how it works.

Regards,
Mike

[loch3]

stockboy: I did it last year. I identified several lots (had detailed records), then checked with my tax accountant, and sold the lots that were at loss. Six months later, I bought back in. The tax man said to wait at least six months. Best advice, check with your tax accountant first.

[mikenickels]

Stockboy -
you can choose which buys to offset with your sales. For example assume you bought 100 shares twice, once at .05 and once at .25. You are still holding 200 shares from those purchases. You now want to sell 100 shares. You can decide that for income tax purchases, you want to offset the .25 purchase. You do that simply by declaring the loss against that price.
What you can't do obviously, is use the same shares twice to offset 200 shares.

regards.........

[wantahummer2]

Stockboy my advice for you is #1 get a new screen name ! anyone with that name should know the answer to a easy ?
#2 wait a few weeks maybe you won't show a loss :P
#3 If your into penny stocks I'm sure you have other losers you can show as a loss on your 04 tax returns JMO