Howdy! Not sure what you are trying to suggest, but the specific date of a trade starts the one year long term capital gain clock. So while it is true that today is the last day to make a buy in order to sell for a LTCG in '07, I'm not sure why that would really matter - one year is one year. BTW, is '07 a leap year? If so, the clock may be thrown off on your premise, as would whether this day in '07 is a trading day or if any follow within '07. And today is the last trading day in '06, not Monday (markets closed).

Along these lines, I have a question for any CPAs/CFAs out there: I have some (embarrassingly) large long term capital losses being carried forward. If, by some miracle, I make a substantial gain and sell to offset those past losses, but those sales do not qualify as a LTCG but a short term (which I KNOW is do-able, i.e., those past losses do work as an off-set regardless of the term for the gains) and then I sell my house later in the tax year for a large LTCG, will I be able to claim the house gain as a LTCG? In other words, does the IRS consider the timing of the action, one before the other (stock, then house months later) or just look at things from the perspective of the tax year in total? Put another way ('cuz I realize this is a bit complex), if I use the past long term capital losses as an offset to a short term capital gain on stock sold in '07, should I sit on the house till '08 before selling to enjoy LTCG handling on the profit on the house? BTW, the house profit will far exceed the $250K exclusion.

Any help will be appreciated, and help in my formation of personal financial planning. I'll of course be asking my tax guy, but that won't be for a couple of months, and I want some up front food for thought and "a second opinion".

Hope my question was adequately clear....

TIA,

SGE