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how many times can i wash sale the same stock?
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how many times can i wash sale the same stock?

  #1 (permalink)
Trading Apprentice
Los Angeles,CA USA
 
Futures Experience: None
Platform: MT4 TOS
Favorite Futures: Anything Profitable
 
Posts: 4 since Mar 2017
Thanks: 0 given, 0 received

how many times can i wash sale the same stock?

how many times can i wash sale the same stock in the SAME 30 DAY PERIOD?
i know there are tax implications to wash sales, but is it illegal to wash 2, 3, 4 , 5 times to the same stock in the same month?

(my logic) i dont mind taking the tax implications and the small losses "if" i can get 1 big gain out of it, thats why im asking.

my play scenario is
1st loss .10 per share
2nd loss .05 per share
3rd loss .15 per share
4th profit .50 per share
-----------------------------
profit .20 per share

and i dont plan on holding because it would be a momentum trade penny stock, thats why i was asking

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  #2 (permalink)
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  #3 (permalink)
Elite Member
San Francisco, CA
 
Futures Experience: Advanced
Platform: IB-TWS, Ninja, Wave59, R
Broker/Data: IB, IQFeed
Favorite Futures: ZB
 
Posts: 35 since Sep 2013
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The wash rule is to prevent you from taking a tax loss on a stock and then buying it back the next day. In your example you would have a short term capital gain (taxed as ordinary income). Also this is not tax advice.....please check with your CPA.

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  #4 (permalink)
Trading Apprentice
Los Angeles,CA USA
 
Futures Experience: None
Platform: MT4 TOS
Favorite Futures: Anything Profitable
 
Posts: 4 since Mar 2017
Thanks: 0 given, 0 received

thanks, for the reply, i understand its not tax advice, i just wanted to make sure i wasnt doing anything illegal or against the rules.

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