If you sell for a loss and then buy back shares within 30 days you can't claim the loss against your gains. Reason 19 why I am moving next year. Flipping for shares can run your tax liability up quickly.
I think you said it all there Joey. It really makes'flipping' a lot less attractive. The Wash Rule is a real downer. Peeps who are in and out of the same pick frequently may not even realize with "first in, first out" applying also, they may loose the deduction for selling old shares at a loss without even knowing it. I did that last year and lost 18K in deductible losses. OUCH!
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