zman492Consolidate school loans
Shorting against the box simply means short selling securities that you already own.
Although at one time this technique could be used to defer taxes, as the first response indicated, the Taxpayer Relief Act of 1997 (TRA97) no longer allows short selling against the box as a valid tax deferral practice.
See "Constructive Sales of Appreciated Financial Positions" beginning on page 39 or IRS Publication 550 if you want more details.
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Nebraska does not appear to have preferential rates on capital gains, therefore, the rate is the same as wages or other sorts of income. See NE 1040 Instructions, pg 31 for 2005 tax rates based on your income.
Any tax advice included in this written communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed by any governmental taxing authority or agency.
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Good question. My take on it is that the securities are different so the 30-day wash sale rule does not apply. But if there is any significant tax money involved, I'd check with an expert.
Postscript: I reviewed the material cited by the previous responder; it is worth reading. But the straddle rules do not apply in your case because you are not carrying offsetting positions.