Thank you very much.
Just a ramble to myself and on the topic, but this rule seems crazy. Like it basically means I needed to be able to see the future and that the IRS is essentially taxing losses as if they were gains. I see people talking about income taxes being high, but taxing losses as gains is another level of crazy.
So please correct me if I am wrong on this. So to my understanding even though I am only up $12K, the IRS will treat me as if am up $22K (If am calculating the Wash Sales correctly)?
Crazy, here I was thinking I was some trading savant to make $12k in less then 2 months by scalping stocks, I even recommended daytrading to a friend. Also just realized that I even started after the tax deadline.
In addition, as for my friend who tried to follow me and they lost money, will the IRS treat their losses as gains as well, even though they lost money overall? If so, I need to warn them right away.
Again thank you very much.
