Can you do it tomorrow or is it settlement?
When does tax loss selling need to be done?
Started by
gohowe
, Dec 30 2008 03:39 PM
7 replies to this topic
#2
selecto
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Posted 30 December 2008 - 04:16 PM
For the IRS date of trade, not settlement I believe.
#3
pdx5
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I want return OF my money more than return ON my money
Posted 30 December 2008 - 06:46 PM
Can you do it tomorrow or is it settlement?
To take a tax loss in 2008, the SETTLEMENT date must fall in 2008.
here is a link to confirm this...............................
http://network.natio...ss-selling.aspx
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
#4
traderpaul
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Posted 30 December 2008 - 07:07 PM
I had been told by my broker that the last day of the year......http://www.fairmark.com/capgain/lastday.htm
"Inflation is taking place now. Prices may not appear to be rising because they are making packaging smaller. "— Rickoshay
#5
hiker
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Posted 30 December 2008 - 07:23 PM
one major broker provides this info. in their FAQ
Do I use trade date or settlement date when determining my holding period for sales?
The IRS requires you to use the trade date to determine your holding period. The "Date of Sale" on Form 1099–B is the trade date for each sale. Your monthly statement reports settlement date, which is the date by which payment is due.
#6
klono
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Posted 30 December 2008 - 07:32 PM
Can you do it tomorrow or is it settlement?
The date of the trade....if you sell tomorrow, that is the date of the trade. If you sell 12/31/08, it is a 2008 transaction. Tomorrow is the last day to sell in 2008 and take a loss or a gain.
k-cpa
#7
klono
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Posted 30 December 2008 - 07:35 PM
Can you do it tomorrow or is it settlement?
To take a tax loss in 2008, the SETTLEMENT date must fall in 2008.
here is a link to confirm this...............................
http://network.natio...ss-selling.aspx
For the record, in the USA it's the day of the trade. This artical is Canadian.
k-usa
#8
pdx5
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I want return OF my money more than return ON my money
Posted 31 December 2008 - 02:13 AM
Sorry about that Canadian article....could'nt find anything for US.
I would take the loss in 2008 as Klono says.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule
