CityHawk, you are the 2nd or 3rd person I have heard say they are stopping day trading because of the wash rule. I could be wrong and please someone correct me if I am, but I don't see where anything has changed. If in the end of a series of trades all one has is a loss, then yes, the wash rule would disallow taking the loss for income taxes. But if one is not generating a profit in aggregate, then what is the point?
According to the example I copied below from the IRS concerning wash sales, losses are just carried forward to the next trades until a profit is finally achieved. Then you get to pay taxes.
www.irs.gov/pub/irs-pdf/p550.pdf page 60
Example 1. You buy 100 shares of X stock
for $1,000. You sell these shares for $750 and
within 30 days from the sale you buy 100 shares
the same stock for $800. Because you bought
substantially identical stock, you cannot deduct
your loss of $250 on the sale. However, you add
the disallowed loss of $250 to the cost of the
new stock, $800, to obtain your basis in the new
stock, which is $1,050.
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