Wash sale?

[F M All]

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]

No.

 

[Robert the Red]

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]

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]

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