Mark Bole <makbo@[EMAIL PROTECTED]
> writes:
> Augustine wrote:
>
> > How does one deal with such IRS rules that leave particular situations
> > out?
>
> Disclose your position and start the clock on the statute of
limitations.
>
> With all due respect to BreadWIthSpam, the original topic of the
> thread has been diverted to wash sale rules.
It was. I thought the original topic had been closed very
quickly and decisively by you already, though. (And, thanks,
by the way).
If there was further uncertainty about the original
question, I apologize if I've derailed that.
> I think he was trying to
> contrast the different treatment of like-kind exchanges of
> business/investment property with wash-sale rules regarding "paper
> losses" on securities sales.
And some of the asymmetry of treatment of gains versus losses.
(ie. they can force you to postpone losses but don't allow
you to postpone gains)
> No one ever said the tax laws were internally consistent!
True enough.
As far as the wash sales, I still haven't seen any
final and authoritative answer regarding if one sells
for a loss in a taxable account and then buys back
inside an IRA. I've read that it doesn't count because
either (a) you and the IRA trust are distinct legal
entities; and/or (b) because the IRA is treated differently
for taxes anyway. The Smartmoney article doesn't even
seem too certain ("however, there is apparently nothing
to prevent you..."). I thought we'd discussed this
here before and can't recall any decisive conclusion.
--
Plain Bread alone for e-mail, thanks. The rest gets trashed.
No HTML in E-Mail! -- http://www.expita.com/nomime.html
Are you posting responses that are easy for others to follow?
http://www.greenend.org.uk/rjk/2000/06/14/quoting
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