Tax, Trading, Margin, and Compliance

Free FINRA Series 7 (General Securities Representative) lesson in Processing Transactions. 25 min read, ~3,730 words.

Wash sale rule: loss disallowed if you buy substantially identical securities within 30 days before or after the sale, and the disallowed loss adds to the replacement shares' cost basis (deferred, not destroyed). Inherited securities get a stepped-up basis to FMV at death and are always long-term; gifted securities carry...