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Wash Sale for the Casual Trader
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Wash Sale for the Casual Trader

  #1 (permalink)
Trading Apprentice
Hartford CT/USA
 
Futures Experience: Intermediate
Platform: TradeStation
Favorite Futures: Stocks
 
Posts: 5 since May 2015
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Wash Sale for the Casual Trader

Hello,

I apologize if this question is foolish, but I am not certain when I research it on the internet.
I am the casual swing / intraday trader. I like to buy and sell the same stocks frequently, sometimes multiple times a day.

My question is regarding the wash rule as this is my FIRST year trading.

I am down a couple grand this year. Will I be able to claim these losses or will the wash rule result in disastrous tax consequences for me??? My Gain/Loss is Negative. I imported my data into TradeLog, and it says I have NO disallowed wash sales, so I think I'm ok? It shows up as a losing year for me.

Basically, without going too in depth about the wash sale, I would just like to know if my little wins can be hurting me tax wise because I can't claim the losses. I have read horror stories, but I don't know what to believe. Can I be a loser of a few thousand dollars and still owe taxes on the wins? I would like to know before I continue trading.

Thanks for the help and answers.

 
  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
Kansas City, MO/USA
 
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Wash Sale


Disclaimer: I am not an accountant. Now that we have that out of the way, it is my experience that you will be able to take the right down this current year if you do not trade the equities you referenced between December 1 - January 31. Look at your cost basis of your subsequent trades buys ... they should reflect the carryover loss from your previous trade. You can always eventually take the loss. The question is whether it is this tax year or the next.

 
  #4 (permalink)
Trading Apprentice
Hartford CT/USA
 
Futures Experience: Intermediate
Platform: TradeStation
Favorite Futures: Stocks
 
Posts: 5 since May 2015
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brianj999 View Post
Disclaimer: I am not an accountant. Now that we have that out of the way, it is my experience that you will be able to take the right down this current year if you do not trade the equities you referenced between December 1 - January 31. Look at your cost basis of your subsequent trades buys ... they should reflect the carryover loss from your previous trade. You can always eventually take the loss. The question is whether it is this tax year or the next.



Thank you. That's pretty much what I thought. The losses add to the cost basis of the wins so in essence I've come out with a negative gain/loss etc. Other web sites drove me crazy reading about it!!! I'll double check with my CPA just in case.

 
  #5 (permalink)
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