Ok, so this happened to my dad so I apologize if I get some of the details wrong since neither of us know what happened exactly but here’s the story.
Dad had some Amazon stock that he sold at a loss the beginning of December. Then Amazon dropped even lower and he bought it back within 30 days.
He placed it as a market order and for some reason it placed his order for the price he paid for the stock on the 5th resulting in an instant 5k loss.
He called fidelity support and they say he executed a “wash sale.”
Can someone please explain what this is and why the heck anyone would want to buy a stock for considerably MORE than it’s worth????
Submitted December 24, 2018 at 01:41PM by cschultz1272 http://bit.ly/2EMWJks
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