Capital Gain/Loss in daytrading

Discussion in 'Trading' started by Uranus, Jan 15, 2001.

  1. Uranus


    I recently started daytrading and I have a problem in identifying matching buy/sell trades from my brokerage statement. The statement lumps together all buys for a stock in one page and all sells in another page without providing the time when the trade was executed. How do I find out wash sales from the trades that resulted in gain ?
    When I contacted the broker they said to use net of all buys and sells to detemine gain/loss. I feel this may not be correct since the IRS booklet says "Loss from wash sales of one block of securities cannot be used to reduce any gains on identical blocks sold the same day".

    I think the broker should supply the time of execution of each trade to correctly determine wash sale and gains.

    What do you experienced traders say about this?
  2. forget the wash rule and file your return as a trader.