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Thread: Tax Wash Rule

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  1. #1
    James is offline
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    Joined: Jul 2008 Location: New Jersey Posts: 121

    Tax Wash Rule

    I am not a tax accountant and would welcome someone with that area of expertise confirming my details.

    In order to take advantage of a loss on you taxes when you sell a stock you can not buy it 30 days before or after selling it. This rule is called the "Wash" rule. I am considering selling some of my $4+ shares so I can take a loss. In theory, the last day you can buy shares of Sirius is 11/28/08 and then sell higher priced ones on 12/31/08 and be able to claim a loss.

    I am not giving up on Sirius. In fact, I have been accumulating again in recent months but it would be foolish to pass up a tax loss on a relatively small percentage of of my total shares
    Last edited by James; 11-21-2008 at 07:59 AM.

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