westtexjohn
Well-Known Member
I was lucky enough to ride the U. P. Challenger Steam Excursion Train from Dallas to Ft. Worth and back many years ago.
John
Running Bear’s April 2026 Coffee Shop
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John
But another example is what the IRS calls a "wash sale". You can sell and buy two things that can cause paper losses but your end result is basically what you started with. You can Google "wash sale" to get a better description. And they're not something you can use to take a paper loss. The IRS disallows "wash sales".
This is why certain powers that be, want to get rid of this and take it away from us.
I hope that your case was withdraw with prejudice so they can't come back later and charge you again.
Just as an example of a "wash sale". I doubt the top dogs get away with this sort of thing. They "get away" with legal stuff like writing off "business expenses." They just have different levels and kinds of expenses than you or I have.
Example:
Say you bought 100 shares of XYZ for $10 a share. After a while the price has gone down to $5 a share. You've had other stocks make gains and you sold them so you want to use this to offset some of those gains to avoid taxes on the gains. So on Dec 31 you sell all 100 shares at $5. That means you have a $500 loss on those shares ($10 x 100 = $1,000.00 $100 paid, $5 x 100 = $500.00 is what you sold). But you like XYZ and so on Jan 3 you buy 100 shares of XYZ at $5 each. You started with 10 shares and ended with 100 shares, so your position didn't really change though you have $500 loss in the deal. Because you bought back and re-established your position within X days it is called a wash sale as your position didn't really change. It was all bookkeeping shenanigans. The IRS disallows losses from this sort of thing. You'd have to not buy it back until some sort of "wash period" is over.
According to a Google search the window is 30 days before and 30 days after -- ie you couldn't buy the 100 @ $5 on Dec 20 knowing you're going to sell on Dec 31. Google AI says this: "The wash sale period is a 61-day window that spans 30 days before the sale, the day of the sale, and 30 days after the sale. If you sell a security at a loss and purchase "substantially identical" stock or securities within this window, the loss is disallowed for tax purposes."
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John
westtexjohn
Well-Known Member
Good day to all on the forum..........
Well, after being frustrated trying to make FreeCAD work for me, I have decided to try "ONshape". The latest FreeCAD has some bugs and I don't have time to figure out a work around while trying to learn the program.
The ONshape tutorial I watched looks good and seems to do alot of things for the user automatically that have to be done seperately on FreeCAD.
I'll try it out later today.
Anybody on the forum using ONshape ?
It was in the upper 90s here Tuesday and today it is around 60 degees. Crazy weather. I'm sure in mid July I'll be wishing for a day like today.
Got several irons in the fire as usual today and I hope to get one of them closer to fruition if all goes well.
Take care....John
Well, after being frustrated trying to make FreeCAD work for me, I have decided to try "ONshape". The latest FreeCAD has some bugs and I don't have time to figure out a work around while trying to learn the program.
The ONshape tutorial I watched looks good and seems to do alot of things for the user automatically that have to be done seperately on FreeCAD.
I'll try it out later today.
Anybody on the forum using ONshape ?
It was in the upper 90s here Tuesday and today it is around 60 degees. Crazy weather. I'm sure in mid July I'll be wishing for a day like today.
Got several irons in the fire as usual today and I hope to get one of them closer to fruition if all goes well.
Take care....John
KriegslokBR52
Well-Known Member
Don't shoot the mailman
KriegslokBR52
Well-Known Member
Well, the case against me was withdrawn. Apparently the notification was sent to me on the 28th, but i didn't get it yet. So an almost $500 fine avoided, but a day of work lost. I guess to celebrate I'll post a few shots from that day, right before i was confronted by a certain individual:
Two of the gondolas from Conrail.
Two of the gondolas from Conrail.
santafewillie
Same Ol' Buzzard
Louis - If you're out there. I thought of you on the way home from the grocery store this morning when the radio station that I was listening to, played Paranoid and War Pigs back to back. Black Sabbath is the artist for those that are not familiar with Louis's musical tastes.
migalyto
Well-Known Member
KriegslokBR52
Well-Known Member
Not sure what a "wash" is, but im assuming it has to do with a clean day when nothing was lost or gainedThat's great news!
Pretty much a wash huh?
migalyto
Well-Known Member
You got it!Not sure what a "wash" is, but im assuming it has to do with a clean day when nothing was lost or gained
chadbag
Well-Known Member
Yeah. They built an "Incredible Universe" store in Sandy Utah back in the 90s. They required a free membership to get in -- you had to scan your card. I had two cards: one with my real name I would use when making a purchase, and one under a fake name and address : Adolph Schicklgruber that I would use to scan into the store. It was none of their business that I was looking around. But I always used the real card on check-out if I bought something. Wasn't often as it wasn't that great of a deal usually. After a while they failed and the building sat empty. eventually Costco bought the building and remodeled it and it's been a large Costco (off 10600 S in Sandy on Automall Drive) ever since. We used to go to it all the time until they built a few Costcos closer to us. [We have at least 12 within an hour drive].
chadbag
Well-Known Member
More generally, something is a "wash" when it results in no big change. Here the day was a "wash" as you traded a day off work for a dropped-charge. Nothing really much changed.Not sure what a "wash" is, but im assuming it has to do with a clean day when nothing was lost or gained
But another example is what the IRS calls a "wash sale". You can sell and buy two things that can cause paper losses but your end result is basically what you started with. You can Google "wash sale" to get a better description. And they're not something you can use to take a paper loss. The IRS disallows "wash sales".
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Kusojiji
RANK AMATEURS OF THE MODEL RAILROAD FORM MEMBER
Thanks! I was looking for a Japan Rail Freight box that my buddy gave me but found the lunch box instead. Size and cost was right.
KriegslokBR52
Well-Known Member
Goot thing we still have the power to keep our transactions private:
This is why certain powers that be, want to get rid of this and take it away from us.
chadbag
Well-Known Member
Good luck using cash to buy stocks, ETFs, etc, which is what the "wash sales" rule is regulating.
KriegslokBR52
Well-Known Member
I'm not sitting in this stuff, so all is "new" to me. But i wonder how many of these "wash sales" are the top dogs getting away with.
boogietrain94
Well-Known Member
Does it include warhammer and bolt action and allllllllll the oyher ttwargames. I can say this is 100% bonafide true sign sealed and delivered lmao
RhB Michael
RhB Lokführer
Not sure what a "wash" is, but im assuming it has to do with a clean day when nothing was lost or gained
I hope that your case was withdraw with prejudice so they can't come back later and charge you again.
chadbag
Well-Known Member
Just as an example of a "wash sale". I doubt the top dogs get away with this sort of thing. They "get away" with legal stuff like writing off "business expenses." They just have different levels and kinds of expenses than you or I have.
Example:
Say you bought 100 shares of XYZ for $10 a share. After a while the price has gone down to $5 a share. You've had other stocks make gains and you sold them so you want to use this to offset some of those gains to avoid taxes on the gains. So on Dec 31 you sell all 100 shares at $5. That means you have a $500 loss on those shares ($10 x 100 = $1,000.00 $100 paid, $5 x 100 = $500.00 is what you sold). But you like XYZ and so on Jan 3 you buy 100 shares of XYZ at $5 each. You started with 10 shares and ended with 100 shares, so your position didn't really change though you have $500 loss in the deal. Because you bought back and re-established your position within X days it is called a wash sale as your position didn't really change. It was all bookkeeping shenanigans. The IRS disallows losses from this sort of thing. You'd have to not buy it back until some sort of "wash period" is over.
According to a Google search the window is 30 days before and 30 days after -- ie you couldn't buy the 100 @ $5 on Dec 20 knowing you're going to sell on Dec 31. Google AI says this: "The wash sale period is a 61-day window that spans 30 days before the sale, the day of the sale, and 30 days after the sale. If you sell a security at a loss and purchase "substantially identical" stock or securities within this window, the loss is disallowed for tax purposes."
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