Wash Sale Rule Practical Explanation Needed?

Say, I buy and sell the same stock a few times in a 30-day period and then the deadline to pay the Short-Term Capital Gains creeps in, how do I calculate the amount I owe Uncle Sam?


Do I simply subtract all of the capital losses incurred from all the capital gains realized in the 30-day period and pay estimated taxes on the profit? And, in case the net amout is a loss, then I simply don't pay any taxes for the period? Or, is there more to it?





Also, I accidently missed the June 15th estimated capital gains deadline. Do I owe some penalty now, or is it all good until the final April 15th deadline?





I would greatly appreciate some advice here. No guessing please.Wash Sale Rule Practical Explanation Needed?
No simple answer, but I will try. A WASH SALE is if you sell stocks or securities at a LOSS and within 30 days then get identical stock (this includes your spouse as well). The deduction for a loss is not allowed and the basis of the identical property is increased by the amount of the disallowed loss. If you had a Gain..it is not a WASH SALE, it will be capital gains short term. Yes pay the missed payment now, do not wait as you might get a penalty.Wash Sale Rule Practical Explanation Needed?
If you buy the same stock within 30 days of the date that you sold it, that is a ';wash sale';. If you incurred a loss, it is not deductible. If you had a gain, it is, of course, taxable. If you missed the date, simply send in your 15 % now. Unless it is a fantastic amount ( which I doubt, if you are doing that much trading in 30 days ), there should be no problem. I hope this helps. If not, let me know and I will give you further explanation.