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TMF Taxes,

Concerning your Jan 5,01 article Capital Cains Tax Rates to apply to stocks for "super-long-term" capital gains. May this apply to capital loss too? May I pretend to sell currently held stocks and claim a capital loss this year? And pretend to buy them back for them to qualify for "super-long-term" capital gains when I really sell them > 5 years from the pretend buy backs?

How does the wash-sale rule work within the context of the above questions?

Thanks,

TB
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TurkeyBreath: ...may I pretend...

Honest Abe Lincoln once asked some yokel a question. "If I pretend a dog's tail is a leg, how many legs does it have?" "Five," says the yokel. "Nope," says Abe, "pretending a dog's tail is a leg don't make it a leg."

I personally like to pretend my net worth is $400 million and that Blythe Danner is coming over tomorrow to clean up my apartment, tune the harpsichord, and spend a night of passion with me. None of those has ever happened, not even the tuning the harpsichord part.
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TB,

You asked Roy Lewis:

Concerning your Jan 5,01 article Capital Cains Tax Rates to apply to stocks for "super-long-term" capital gains. May this apply to capital loss too?

You evidently didn't read the part of Roy's article where he addressed this point:

Be warned, though: If you elect to "sell and repurchase," any gain is recognized (and taxable), and any loss would not be allowed.

In other words, "No!"

Hope that helps,
Phooley
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JABoa
...not even the tuning the harpsichord part.

Great answer!
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...Be warned, though: If you elect to "sell and repurchase," any gain is recognized (and taxable), and any loss would not be allowed...

Pholley,

Thanks, it does help, and in my excitement I missed the warning. It was just too good to be true.

TB

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