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  1. candleman is offline
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    Joined: Jul 2009 Location: Outer Banks of North Carolina Posts: 1,511
    07-10-2009, 01:28 PM #31
    Quote Originally Posted by imromo24 View Post
    my dilemma is to wait 30 days for the wash rule or buy now...i have a gtc buy at .34 right now and will take the tax loss to get that price..

    i was reading ameritrade and it said the wash rule was 61 days or something, why?
    ummm Wash Rule?

    Maybe I am missing something. What's the wash rule?

  2. Siriusowner is offline
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    Joined: Nov 2008 Location: The Oil Patch, Texas Posts: 922
    07-10-2009, 01:38 PM #32
    Quote Originally Posted by trippingthespeculatingpos View Post
    jesus .38 just broke, i dont get it, whats causing this to sell off this fast? i really dont, i could of sworn siri was getting some positive momentum going and things were changing, this is just same ole bullshit right here. yes i know the technicals are all looking bad, but they were looking really really good before this sell off came out of nowhere. .48 the high really? shorts covering? weird shit.
    I told you.... didn't I ? 0.35 is the target price. There was no positive momentum, it was building some weak support at the 0.40 area but it did not hold... As I said yesterday, the support was being built with lite volume...

  3. sxminvestor is offline
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    07-10-2009, 01:40 PM #33
    Quote Originally Posted by candleman View Post
    ummm Wash Rule?

    Maybe I am missing something. What's the wash rule?
    If you sell shares for a loss, you can buy them back immediately, but if you don't wait a certain period of time, you are not supposed to be able to book them as a loss on your taxes that you could deduct in the future.

  4. Siriusowner is offline
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    Joined: Nov 2008 Location: The Oil Patch, Texas Posts: 922
    07-10-2009, 01:40 PM #34
    Quote Originally Posted by candleman View Post
    I've started buying again. I like this .38 stuff. There is a pattern of it rising to above .43 and then dropping back down. So, here's a good chance to make a nickle on each share over a month long period.

    But, what do I know? I still own AIG....
    Use AIG to declare losses at the end of the year. Trade SIRI, 0.35 buy, 0.45 sell.

  5. Siriusowner is offline
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    Joined: Nov 2008 Location: The Oil Patch, Texas Posts: 922
    07-10-2009, 01:43 PM #35
    Quote Originally Posted by imromo24 View Post
    my dilemma is to wait 30 days for the wash rule or buy now...i have a gtc buy at .34 right now and will take the tax loss to get that price..

    i was reading ameritrade and it said the wash rule was 61 days or something, why?
    Wait the 30 days. Trade other issues, but be careful do not lose your money anywhere else.

    Then come back after 30 days and weight your options. You know what the trading range is right ?
    Last edited by Siriusowner; 07-10-2009 at 01:46 PM.

  6. candleman is offline
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    07-10-2009, 01:44 PM #36
    Quote Originally Posted by sxminvestor View Post
    If you sell shares for a loss, you can buy them back immediately, but if you don't wait a certain period of time, you are not supposed to be able to book them as a loss on your taxes that you could deduct in the future.
    Oh, OK, now I know what you're talking about.

    But, don't you have to make a profit in order to have to pay taxes.....LOL

    Thanks

  7. Siriusowner is offline
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    07-10-2009, 01:51 PM #37
    Quote Originally Posted by candleman View Post
    Oh, OK, now I know what you're talking about.

    But, don't you have to make a profit in order to have to pay taxes.....LOL

    Thanks
    These are called realized capital gains but keep in mind, realized losses offset capital gains. Say during the year you make $10K in profits and loss $5K, your capital gains are $5K. And you can declare the $5K as a loss since you did make $10K and pay taxes on Capital gains on $5K only.

    If during the year you make $3K profits and loss $7K then you have $4K in losses. This case is different, You made $3K but loss $7K for a total loss of $4K BUT you can only declare $3K in losses in your tax return. IRS limits. The extra $1K is rolled over to the following year.

  8. mrmertz is offline
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    Joined: Apr 2009 Location: Tucson AZ Posts: 193
    07-10-2009, 02:03 PM #38
    Sounds like that's the tricky part - "Trade other issues, but be careful do not lose your money anywhere else."

    Thanks for explaining the Wash Rule.

  9. trippingthespeculatingpos is offline
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    Joined: Dec 2008 Location: San Antonio Posts: 2,884
    07-10-2009, 02:17 PM #39
    yes s.o. you were right in this case, i did sell most of my position at .41, wish i could of sld it a bit higher but o well a 6 cent gain aint bad, better than the 2 cent gain id be at now

  10. Siriusowner is offline
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    07-10-2009, 02:24 PM #40
    Quote Originally Posted by trippingthespeculatingpos View Post
    yes s.o. you were right in this case, i did sell most of my position at .41, wish i could of sld it a bit higher but o well a 6 cent gain aint bad, better than the 2 cent gain id be at now
    Tripping, I do make mistakes but this time all my indicators were bearish, I usually use 3 (trend line, MA and market sentiment) but this time I double check with one more and it did turned out to be bearish (momentum with breakout). Everything still bearish but momentum is beginning to change; although it does not mean anything yet.

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