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Financial Planning / Tax Strategies


Subject:  Re: simple tax question Date:  2/10/2013  3:12 PM
Author:  loopholes Number:  117717 of 127549

You can't shelter the capital gain from sale of stock in your taxable account with a loss recognized in your IRA. If you want to sell F to lock in the economic gain, and you haven't sold any shares yet, then whatever you do will not impact your 2012 taxes. So, even if the loss in IQNT were in your taxable account, selling F would not result in an offsetting gain transaction in 2012.

If you decide to sell F in 2013, you can offset the capital gain with capital losses either (1) recognized from sale of stock in your taxable account at a loss in 2013, or (2)carried forward from a prior tax year, if you previously sold shares at a loss in your taxable account and did not either use them to offset captial gain or shelter up to 3,000 of ordinary income in a prior year.

If you plan to sell shares to recognize a capital loss in your taxable account 2013, you will not be able to use the loss if you buy the same shares back in the wash sale period, in either the taxable account or the IRA.
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