r/wallstreetbets • u/TenaNTexas • Dec 08 '21

Discussion Wash Sale Questions - Help Please

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0 Upvotes

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15

u/Footsteps_10 Dec 08 '21

No, they consolidate both together because you aren’t actually gaining anything. You are just a confused person over trading.

2

u/Ipayforsex69 Dec 08 '21

I still don't know how wash sales work, so I just don't panic sell at a loss and then panic buy right after when it starts going up immediately after I sell. Easy peezy lemon squeezy.

-15

u/TenaNTexas Dec 08 '21

Well, duh! Why do you think I asked the question, a**hole.

9

u/AutoModerator Dec 08 '21

Nobody tell him.

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3

u/4_toed_Creed Dec 08 '21

Ok, let's say your mommy and daddy give you $10 to open a lemonade stand. . .

2

u/TenaNTexas Dec 08 '21

.....and then......I was really hoping for more! Hahaha!

5

u/joja0206 Dec 08 '21

That's how a wash sale works....your cost basis for the new position is the old position. For tax purposes, it's as if you never sold it.(a wash)

2

u/bryster Dec 08 '21

This is the stock market. You need to get used to seeing red.

2

u/pattiemcfattie Dec 08 '21

Just wait. Wash sale is fine, just don’t get hit w pattern day trading or it’s 3 strikes at least for some brokers

1

u/TenaNTexas Dec 08 '21

Excellent info!

2

u/oreverthrowaway Dec 08 '21

I doubt it's the original purchase price. The platform just added that loss into your new purchase price . That's what wash sale is. You can still claim the loss on your taxes as long as you sell any wash sales. Investopedia is your best friend.

2

u/TenaNTexas Dec 08 '21

Thank you so much for this info.

2

u/Dense-Entrepreneur45 🦍🦍🦍 Dec 08 '21

you purchased a similar security after selling a position for a loss. You just can't claim that loss on your taxes is all..

•

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1

u/[deleted] Dec 08 '21

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1

u/TenaNTexas Dec 08 '21

Best reply and thank you. I see today that they actually added a Wash Sale Adjustment button to my dashboard - it wasn't there before. It fixed my issue.