Tell clients “the trade date must be no later than December 24th to get [their] settlement in three days for December 31st, including the statutory holidays and the weekend,” says Golombek.
He reminds advisors of the superficial loss rules, which say a client or an affiliated person (including a spouse, a corporation she controls, or a trust of which she is a major beneficiary) cannot buy the losing investment back within 30 calendar days. “Otherwise, the loss is added to the cost base and [the client will] not get to realize it right away.” ...Click here for full article.