Tax, Trading, Margin, and Compliance

Free FINRA Series 7 (General Securities Representative) lesson in Processing Transactions. 25 min read, ~3,718 words.

Wash sale rule: Loss disallowed if you buy substantially identical securities within 30 days before or after the sale -- disallowed loss adds to new cost basis. Inherited securities get a stepped-up basis to fair market value at death; gifted securities carry over the donor's basis (unless FMV at gift...