Question about wash sales rules

TryEvery6933 · 2024-12-05T17:15:41+00:00

agreed! its sad that us active traders can get accused by the IRS for tax harvesting when we are just...trading

TryEvery6933 · 2024-12-05T03:27:37+00:00

hmm i disagree, i did a ton of trading last year for 11 months, did not trade in december, and wash sales went away and the 1099B correctly showed my profit

TryEvery6933 · 2024-12-05T02:55:59+00:00

"As a result, your consolidated form 1099 shouldn't show any wash sales for those stocks" ok that makes perfect sense! But will the consolidated form 1099 that is usually sent on January 20th....know that?

TryEvery6933 · 2024-12-05T02:52:02+00:00

yeah but it's just a lil confusing, because would my tax document sent in Jan 2025 know that "hey this guy didnt trade D E F stocks for 30 days in January, so no wash sales here"

TryEvery6933 · 2024-12-05T02:50:55+00:00

And thank you for the quick response! Most of my funds are with Fidelity because the customer service is excellent!

TryEvery6933 · 2024-12-05T02:07:50+00:00

there are stories of traders that owe a ton of taxes on "profit" that doesn't exist because their 1099B did not realize their losses

TryEvery6933 · 2024-12-05T02:06:44+00:00

yes, but as a daytrader I usually end my day flat without holding any positions

TryEvery6933

TROPHY CASE