Monyman3, thanks again. I can only say that were I a true daytrader, I should have known these rules by heart, no? <VBG> Since I'm very busy at my regular job, my day- and swing-trading is an-on-and off affair on a time-permitting basis. I'm asking about these rules, because I was more active last year than ever before (>250 transactions) and it's a pain to enter them all into Schedule D.
After reading the recommended material, is my understanding of the following simplified situation correct? Let's assume *all* my short and long transactions were closed within at most 2-3 weeks, mostly the same day, and no position was carried over from 2001 or into 2003. Can I simply look at the balance of all these buy/sell transactions (I did it in Excel) and pay ST gain tax rate on it? This would seem to follow from the rule that the cost basis of the next position is increased by the previous wash sale loss. I should add that due to my liberal use of tight SL orders and undoubtedly some luck, the sum of all my losses on individual transactions was less than $3K.
M_e
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