fightintxag13 said:

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Can't believe I'm pretty well ignoring everything today with it being quad-witching day, but it's because my wife and I welcomed our first child into the world this morning! Little girl is healthy as is momma!

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https://pbs.twimg.com/media/Ea3lc-eWsAE0QCB?format=jpg&name=900x900

For those of you playing aa

Can someone give me some insight on the Wash Sale rule?

I own both long-term investments and the I've also been doing some swing trading, often times it ends up being the same stock, but I've been careful in TDA to designate what lots are which when selling.

I own Facebook as a longterm play in one of my IRA accounts.

I've also bought and sold FB previously on my CASH account.

On Friday I bought 60 shares of Facebook on my CASH account at an average of ~$237. I was trying to figure out why it currently shows it as a negative value, and found my cost basis is showing my average price actually at ~$239 due to wash sales adjustments.

Why is it making any kind of adjustments on these holdings? The FB shares I've sold in the past on my CASH account were an overall gain, so I don't see why it would be adjusting these new ones at all.

I'm just trying to stay on top of the accounting aspect of things.

$30,000 Millionaire said:

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I like BABA to watch.

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Been pretty choppy through this recovery although has a nice ascending channel. Anything under 205 ish looks good in the next month or so; maybe higher low. It had broken out and was primed to get to 300 pre-covid. It should still get there unless all hell breaks loose again.

I like it for a few month swing from under 210 to 300 or so by the end of the 2020 if macro stays good.

I like it as a pretty safe play with limited downside and pretty good upside.

Thanks, good one for sure that I used to follow closely but had fallen off my radar.

PropJoe/mhayden: A couple thoughts:

1. Specific identification of lots probably doesn't apply initially for a wash sale, as the principal purpose of the rule is for the IRS to identify them and get maximum taxation, assuming people will shuffle money around. The stockbroker is probably required to initially take the worst case scenario for you, and the burden of proof is on you or your CPA to fix it.

2. Sometimes brokerage accounts reflect transactions differently on the date of a trade, and reflect it more accurately after the trade settles. This may be one of those situations. If it's not fixed in a couple days, I'd call your brokerage company to get an explanation.

Your mileage may vary...

Thanks for the insight. I haven't yet sold the FB positions so you may be right that it may settle differently.

krosch11 said:

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For those of you playing aa

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I assume this means a fairly decent drop should be expected in pre-market trading tomorrow.

Uh oh.

TSN

https://www.marketwatch.com/story/china-suspends-some-tyson-chicken-imports-after-hundreds-of-coronavirus-cases-at-arkansas-plant-2020-06-21?mod=mw_latestnews

hoping OA weighs in soon. Pretty sure these 0717 calls are toast.

$30,000 Millionaire said:

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hoping OA weighs in soon. Pretty sure these 0717 calls are toast.

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yep and if the market pulls back soon, just about everything call wise is toast.

Proposition Joe said:

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Can someone give me some insight on the Wash Sale rule?

I own both long-term investments and the I've also been doing some swing trading, often times it ends up being the same stock, but I've been careful in TDA to designate what lots are which when selling.

I own Facebook as a longterm play in one of my IRA accounts.

I've also bought and sold FB previously on my CASH account.

On Friday I bought 60 shares of Facebook on my CASH account at an average of ~$237. I was trying to figure out why it currently shows it as a negative value, and found my cost basis is showing my average price actually at ~$239 due to wash sales adjustments.

Why is it making any kind of adjustments on these holdings? The FB shares I've sold in the past on my CASH account were an overall gain, so I don't see why it would be adjusting these new ones at all.

I'm just trying to stay on top of the accounting aspect of things.

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I learned this last week that it isn't about the overall transactions and if you had a gain, but on each individual transaction. I had a stock that I bought 3 separate times, averaging my cost basis down each time. When I sold, 2 were green, one was red. The red one still counted against the wash sale.

it's early, but ES futures gapped down almost 1%, now only -0.15%. As much as I want this thing to dump 100 points tomorrow, I think we're likely to resume the 3 AM gap up. We may be green on futures within the hour.

Dr. Horrible said:

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Proposition Joe said:

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Can someone give me some insight on the Wash Sale rule?

I own both long-term investments and the I've also been doing some swing trading, often times it ends up being the same stock, but I've been careful in TDA to designate what lots are which when selling.

I own Facebook as a longterm play in one of my IRA accounts.

I've also bought and sold FB previously on my CASH account.

On Friday I bought 60 shares of Facebook on my CASH account at an average of ~$237. I was trying to figure out why it currently shows it as a negative value, and found my cost basis is showing my average price actually at ~$239 due to wash sales adjustments.

Why is it making any kind of adjustments on these holdings? The FB shares I've sold in the past on my CASH account were an overall gain, so I don't see why it would be adjusting these new ones at all.

I'm just trying to stay on top of the accounting aspect of things.

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I learned this last week that it isn't about the overall transactions and if you had a gain, but on each individual transaction. I had a stock that I bought 3 separate times, averaging my cost basis down each time. When I sold, 2 were green, one was red. The red one still counted against the wash sale.

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This is exactly right, and I got burned by it too. Even though overall you sold at a profit, some of the shares may have been sold at a loss, so when you turned around and bought back in you triggered the wash sale.

So we dumping TSN calls tomorrow or what?

Might not have anyone to dump them on

Well that sucks. Oh wel, May be simultaneously happy I'm carrying those 7/17 spy puts. But futures are moving up.

$30,000 Millionaire said:

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Uh oh.

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just fyi..(as you may know) this info came out last week.

https://oilprice.com/Energy/Crude-Oil/Why-The-175-Billion-Write-Down-Is-Just-The-Beginning-For-BP.html

My theory is the Chinese thing is just a short term headline, but clock is ticking on the options. If I'm interpreting this right, China and international is less than 5% of Tyson's business, but it is stated as a growth area in their MDNA.

https://s22.q4cdn.com/104708849/files/doc_financials/2020/q2/bbafe501-1cba-497d-9513-11ccfbc78114.pdf

I had not seen. That's a good article. I am not a current BP investor, I probably wouldn't want to be one either.

Rumblings of Inflation movement with current low interest rates is quietly making its rounds. REIT over the last month been Strong while the oil stocks have made the most noise.

Buying
STAG
CHCT

Expect to lose but what the heck

$30,000 Millionaire said:

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I had not seen. That's a good article. I am not a current BP investor, I probably wouldn't want to be one either.

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BP is by far the worst major in my opinion.

txaggie_08 said:

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Dr. Horrible said:

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Proposition Joe said:

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Can someone give me some insight on the Wash Sale rule?

I own both long-term investments and the I've also been doing some swing trading, often times it ends up being the same stock, but I've been careful in TDA to designate what lots are which when selling.

I own Facebook as a longterm play in one of my IRA accounts.

I've also bought and sold FB previously on my CASH account.

On Friday I bought 60 shares of Facebook on my CASH account at an average of ~$237. I was trying to figure out why it currently shows it as a negative value, and found my cost basis is showing my average price actually at ~$239 due to wash sales adjustments.

Why is it making any kind of adjustments on these holdings? The FB shares I've sold in the past on my CASH account were an overall gain, so I don't see why it would be adjusting these new ones at all.

I'm just trying to stay on top of the accounting aspect of things.

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I learned this last week that it isn't about the overall transactions and if you had a gain, but on each individual transaction. I had a stock that I bought 3 separate times, averaging my cost basis down each time. When I sold, 2 were green, one was red. The red one still counted against the wash sale.

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This is exactly right, and I got burned by it too. Even though overall you sold at a profit, some of the shares may have been sold at a loss, so when you turned around and bought back in you triggered the wash sale.

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I understand triggering the wash sale rule, but it shouldn't wind up me having to pay taxes on my gains AND adjust the cost of newly bought shares up also... Should be one or the other, no?

Every knee shall bow and every tongue shall confess

Studied up on Broken Wing (skip-strike) butterflies this weekend. Holy moly, versatile things those are. I may do away with normal butterflies.

Is anyone else holding these odd MOMO 7/17 $21.76C? What's up with those strike prices? I look now and they are round numbers again. Are these even still trading?

Boat Shoes said:

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Is anyone else holding these odd MOMO 7/17 $21.76C? What's up with those strike prices? I look now and they are round numbers again. Are these even still trading?

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I'm still holding that one as well as MOMO 7/10 25C that I picked up at the same time.

MOMO is set to open just above 20. I have the 7/10 20C's and am waiting for them to go green, hopefully today.

McInnis 03 said:

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MOMO is set to open just above 20. I have the 7/10 20C's and am waiting for them to go green, hopefully today.

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i bought the 7/24 $18 calls. Hopefully we get an opening pop!

CrazyRichAggie said:

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ONTX up close to 10% in after hours..

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Wondering if this thing is finally gonna make a small run up so keep shares or whether it's just an opportunity to pocket small gains and buy back in at a lower cost point?

cgh1999 said:

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McInnis 03 said:

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MOMO is set to open just above 20. I have the 7/10 20C's and am waiting for them to go green, hopefully today.

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i bought the 7/24 $18 calls. Hopefully we get an opening pop!

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Kinda like that double reverse elbow pop to your ears I gave you about 20 years ago?

ZM looks like it's about to rocket launch......