General rule: trade date controls For most purpos
Post# of 355
Posted On: 12/26/2016 11:02:49 PM
General rule: trade date controls
For most purposes, the tax law uses the trade date for both purchases and sales. For example, if you sell stock on December 31, you’ll report the gain or loss that year, even though the transaction will settle in January. Trade dates also govern in determining whether your holding period is short-term or long-term, in determining whether the wash sale rule applies, and in determining whether you have a qualified dividend.
For most purposes, the tax law uses the trade date for both purchases and sales. For example, if you sell stock on December 31, you’ll report the gain or loss that year, even though the transaction will settle in January. Trade dates also govern in determining whether your holding period is short-term or long-term, in determining whether the wash sale rule applies, and in determining whether you have a qualified dividend.
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