CPA1979
Regular
Joined: 02 Aug 2010
Location: United States
Online Status: Offline
Posts: 210
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| Posted: 07 May 2012 at 17:43 | IP Logged
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Mohammad,
Let me try to help you out as much as I can as I believe
I'm not fully understanding your question. dealers are in
the business of buying and selling securities to
investors so the wash sale rule don't apply to them. The
proceeds of the sale to them is revenue whether positive
or negative.
With that said, the wash sale rule are for individual
investors who buys the security for investment purposes.
In that situation the proceeds are considered Capital
Gains/loss and not revenue to the individual. Once you
buy back a security in the 30 days after selling it at a
loss, that loss is gone. No more. You cannot deduct it at
the end of the year when you file your personal income
tax. Keep in mind you're in Egypt (where I was actually
born) and individual income tax laws are 180 degrees
different from the U.S. ones and you might need to learn
some of the basics to help understand the bigger
concepts. I say that because I don't know which material
you're using, but I know most of them address U.S.
students who are familiar with the basics by the virtue
of living here.
Good luck with your studies!!!!
__________________
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Topic: Wash sale losses
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