Thank you, I love you all for answering my questions.
"Good news is the broker should be keeping track of this for you and it should be handled on the 1099-B you get next year ... talk to the broker to see how they handle this and/or do some reading on the subject."
That is actually what brought me here, I read multiple articles from reliable sources like Forbes, Financial Times to my broker TDAmeritrade all with different info and even saw horror articles like this one.
https://www.forbes.com/sites/shaharziv/2021/03/26/robinhood-trader-may-face-800000-tax-bill/?sh=23ca...
"Sell that new stock for $10 and you have a $1 gain, sell it for $7 and you have a $2 loss which is deducted on the return UNLESS YOU BUY IT AGAIN and the wash sale rules comes back into play."
So I think I understand now why Rick said this:
"Keep a list of "no trade" stocks towards the end of the year."
So basically as long as I stop say at the end of November and don't touch any stocks, the losses still count? Am I understanding that correctly?
If that is the case then I have to assume that the trader with the 800k tax bill on money that does not even exist never stopped trading the same stocks and that as long as I take a 31 day break before the end of the year I am fine? What about the 3K Capital Loss limitations?
