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Posted by garagecapital on March 16, 2008, 8:17 pm
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I'm trying to find out of I screwed myself here: I bought 100 shares
of AAPL at 160 and sell it, three months later, at 130 -- a 3,000
loss. But the same day -- don't ask why -- I bought a single stock
futures -- 1 Long AAPL, which I later sold at a 500 profit. Do I have
a 3,000 short-term loss and a $500 short-term gain. Or not?
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Posted by Paul Thomas on March 16, 2008, 8:36 pm
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> I'm trying to find out of I screwed myself here: I bought 100 shares
> of AAPL at 160 and sell it, three months later, at 130 -- a 3,000
> loss. But the same day -- don't ask why -- I bought a single stock
> futures -- 1 Long AAPL, which I later sold at a 500 profit. Do I have
> a 3,000 short-term loss and a $500 short-term gain. Or not?
As long as you don't hold AAPL, there's no wash sale to worry about.
You've sold them all and will account for all gains or losses on one tax
return.
--
Paul A. Thomas, CPA
Athens, Georgia
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by removeps-groups@yahoo.com on March 17, 2008, 1:30 pm
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> I'm trying to find out of I screwed myself here: I bought 100 shares
> of AAPL at 160 and sell it, three months later, at 130 -- a 3,000
> loss. But the same day -- don't ask why -- I bought a single stock
> futures -- 1 Long AAPL, which I later sold at a 500 profit. Do I have
> a 3,000 short-term loss and a $500 short-term gain. Or not?
If all happenned in the same year, then yes $3000 loss and $500 gain
is fine. But technically, the first one is $0 loss (all loss
disallowed because of 100 shares but $3000 disallowed loss carried
over to next trade), and the next one is $2500 loss ($500 gain but
subtract the carried over loss of $3000).
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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