The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Wash sale? Date:  6/24/2006  12:38 AM
Author:  dougdoogle Number:  87545 of 127613

I also suggest being conservative on the issue (and following the majority opinion) unless you have lots of money to burn on lawyers and are interested in your 15 minutes of fame coming from a test case in tax law.

If the IRS decided he committed a no-no 2 years later, what's the worst case scenario? Say there's a $1000 difference between the stock transactions and the IRS considers it a wash sale. What's a ballpark number for the IRS penalties and interest?

I'm thinking it would be easier to plead guilty, do the time, and move on.

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us