Wash sale?

F M All · 12-07-2005, 07:45 AM

Help!!!* We are rebalancing post RE and for y/e with an eye on greatly reduced earned income next year. Unfortunately, due to the vagaries (idiocy) of Money's gain calculations we have sold too many capital gain bearing stocks and are exposed to ST gains, at this year's (high) tax rate.

Question - if we buy back some of the stock we sold yesterday (price has gone down, fortunately) will this count as a wash sale and we can eliminate the gains from our return for this year?

youbet · 12-07-2005, 09:22 AM

No.

Robert the Red · 12-07-2005, 09:40 AM

Also see http://www.fairmark.com/capgain/wash/ws101.htm, which has the important (for you) statement:

The wash sale rule only applies to losses. You can't wipe out a gain from a sale by buying the same stock back within 30 days.

Texas Proud · 12-07-2005, 01:23 PM

As others pointed out, you are stuck with your gains...

But, do you have other stocks that are losses you can sell and buy back next year? after the wash sale days are up...

F M All · 12-07-2005, 03:09 PM

Thanks for the replies. Had to sell a loser to balance the gain - will buy back next year.

12-07-2005, 07:45 AM	#1
F M All Recycles dryer sheets Join Date: Oct 2005 Posts: 143	Wash sale? Help!!!* We are rebalancing post RE and for y/e with an eye on greatly reduced earned income next year. Unfortunately, due to the vagaries (idiocy) of Money's gain calculations we have sold too many capital gain bearing stocks and are exposed to ST gains, at this year's (high) tax rate. Question - if we buy back some of the stock we sold yesterday (price has gone down, fortunately) will this count as a wash sale and we can eliminate the gains from our return for this year? __________________ nil illegitimus carborundum

12-07-2005, 09:22 AM	#2
youbet Thinks s/he gets paid by the post Join Date: Mar 2005 Posts: 4,385	Re: Wash sale? No. __________________ Over all was the silence of the wilderness - Sigurd Olsen

12-07-2005, 09:40 AM	#3
Robert the Red Recycles dryer sheets Join Date: Aug 2005 Posts: 290	Re: Wash sale? Also see http://www.fairmark.com/capgain/wash/ws101.htm, which has the important (for you) statement: The wash sale rule only applies to losses. You can't wipe out a gain from a sale by buying the same stock back within 30 days.

12-07-2005, 01:23 PM	#4
Texas Proud Thinks s/he gets paid by the post Join Date: May 2005 Posts: 3,052	Re: Wash sale? As others pointed out, you are stuck with your gains... But, do you have other stocks that are losses you can sell and buy back next year? after the wash sale days are up...

12-07-2005, 03:09 PM	#5
F M All Recycles dryer sheets Join Date: Oct 2005 Posts: 143	Re: Wash sale? Thanks for the replies. Had to sell a loser to balance the gain - will buy back next year. __________________ nil illegitimus carborundum

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Taxes Re: Sale of Business	flpanhandle	Other topics	4	06-04-2008 10:09 PM
garmin gps on sale at walmart	mathjak107	Other topics	18	12-03-2006 04:02 PM
Land Sale & AMT - should have done a 1031!	bearkeley	FIRE and Money	25	03-29-2006 10:28 AM
Car Wash	renferme	FIRE and Money	11	03-25-2005 06:58 PM
Yard sale methodology and etiquette	cute fuzzy bunny	Other topics	28	03-15-2004 01:59 PM