Replies to post #46987 on Copper King Mining Corporation fka CPRKQ

[CPRK4Fun]

Here is the link. But holding period not important as far as I can see. http://www.fairmark.com/capgain/wash/ws101.htm This following is why I mentioned 2009 taxes because the 30 day rule pushes a normal person into 2010.

There are times, though, when the wash sale rule can have truly painful consequences.

¦If you don't sell the replacement stock in the same year, your loss will be postponed, possibly to a year when the deduction is of far less value.
¦If you die before selling the replacement stock, neither you nor your heirs will benefit from the basis adjustment.
¦You can also lose the benefit of the deduction permanently if you sell stock and arrange to have a related person — or your IRA — buy replacement stock.
¦As explained in my book, Consider Your Options, a wash sale involving shares of stock acquired through an incentive stock option can be a planning disaster.

[CopperKen]

Hi Panson, my understanding of the wash rule, is that it changed this year. Still does not apply to losses in IRAs. Mariner, it only applies to losses not gains, so long-term means nothing.

It now has a 30 day before and after rule, for purchase of the same stock. Now includes purchasing the same stock in your IRA 30 before or after, then you cannot claim the loss..it must be a wash. But if you buy it in your brokerage account within 30 days, you cannot claim the loss now, but can add to the basis of the new purchase & therefore get it later.

This is quite a change from what the law used to be. Please check with your financial advisor for varification & advice. Some of them are not even aware of the change.

Sorry I cannot find where I saved the link. But it was given to me by eTrade.

[private_wealth]

technically, yes, it would still apply.

However, very difficult to track/enforce as the subsequent purchase is not reported to the IRS via 1099. Only the gross sales amount of securities transacted in a calendar year.