Replies to post #23425 on Imerjn Inc. (fka IMJN)

[Garyst]

Yes, that is very true.

[Crazy Money]

Not exactly the whole story. Remember to take into account the "wash sale" rule with the IRS that deems certain transactions do not create a loss, if they are within 30 days of having bought a substantially similar (or in this case, exact) holding, either before or after the loss was recorded.

Not paying attention to this rule can result in many more gains than you think you have, so be careful.

Ilene

Exactamundo... only people that understand all the rules ( in the USA ) should be doin' such things or they could be very surprised later on ... been there done that back in the day not understanding why my tax stuff said I made so much, and that I needed to pay so much ... :-D

Garyst Member Level Friday, August 02, 2013 10:28:06 AM
Re: Ustmel post# 23412 Post # of 23495

Ustmel, as Sean T said..... yes. Lets say you bought XUII 10 times and sold it 10 times. Basically one would take their total amount used to buy in on all ten purchases and minus the total amount derived from all ten sales. The difference is either a loss or gain. Also, keep in mind that the commissions on both the buy and sell side can be used against any gains or added to the losses if that is the case.

Ustmel Friday, August 02, 2013 6:04:26 AM
Re: Garyst post# 23402 Post # of 23495
Question: if you sell all shares then buy back at the dip, do you still pay tax at end of the year because of sell even though you reinvested all the profit ant capital?