posted on
Apr 10, 2008 02:50PM
wash sales are the reason i started seeing a good accountant...screwed myself real well in (99'?, wash sale rule was pretty new) by not understanding how to "compensate" for wash sales... i had tons of trades within 30 days, mostly gains (it was a good market), but still had losses....did my own taxes, so i called the IRS for an explanation...bad idea! the lady on the end of the line (currently the bagel lady in ven) told me i had to pay short term gains on the gains and could not take any of the losses.....from that year on i found out that a good accountant (good usually meaning expensive) is better than a good lawyer (if those two words can be used in the same sentence)....