Wash sale rules

[gayl]

I need to figure out 'wash sales ' I know that I might have one bc I sold 100 shares on 3/16 in an IRA for a loss, repurchased on 3/25 & 3/26 & 4/9 in bh brokerage / Roth / IRA. sold for a profit in May. So I'm trying to figure it out. Is there a good online calculator that helps figure it out?

 

[Dash man]

I need to figure out 'wash sales ' I know that I might have one bc I sold 100 shares on 3/16 in an IRA for a loss, repurchased on 3/25 & 3/26 & 4/9 in bh brokerage / Roth / IRA. sold for a profit in May. So I'm trying to figure it out. Is there a good online calculator that helps figure it out?

Selling for a loss in an IRA is not deductible from your taxes, so it’s not part of a wash sale.
A wash sale is when you sell a stock for a loss in a taxable account where that loss is deducted from your gains, then you buy back the stock again within 30 days in either a taxable or IRA account.

 

[gayl]

Good!!

 

[Animorph]

Just be very careful about selling for a loss in a taxable account and repurchasing shares in a 401k/Roth. That is a wash sale, but the loss is transferred to the shares in the retirement accounts, where it is lost forever.

 

[LOL!]

From the limited info you have presented, there is no possibility of a wash sale, BECAUSE:

1. You did not sell for a loss in a taxable account.

There are other rules, so simply selling for a loss in a taxable account does not create a wash sale.

Wash sales are discussed here -> https://fairmark.com/investment-taxation/capital-gain/wash/

I am unaware of any online calculator that figures this out. If you create a wash sale in your taxable brokerage account, then your broker is supposed to tell you and the IRS. However, a broker does not and will not tell you about wash sales created across accounts, such as your taxable account with that broker and your taxable account at another broker. Or your taxable account and your Roth IRA. And so on.

 

[gayl]

Wash sales are discussed here -> https://fairmark.com/investment-taxation/capital-gain/wash/

Thank you!! I bookmarked it. Explains it very well