Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
If I sell say intel at a loss at the taxable account and buy them back the same day at an IRA account, am I allow to deduct the loss. Thanks
Print the post Back To Top
No. of Recommendations: 0
If I sell say intel at a loss at the taxable account and buy them back the same day at an IRA account, am I allow to deduct the loss.

Beats us. Type "wash IRA" in the search box above (full search), and you can read various thoughts. There is no clear answer.

TMF ExRO
Phil Marti
Print the post Back To Top
No. of Recommendations: 0
If I sell say intel at a loss at the taxable account and buy them back the same day at an IRA account, am I allow to deduct the loss. Thanks

As TMF ExRO says, there are not clear rulings on the matter. The downside, however, is that if your case comes to the attention of the IRS and they assert that your IRA is a "related party" (which they likely would), you get stuck in a bad position. See Kaye Thomas' remarks at http://www.fairmark.com/buystock/wash.htm for more details.

Print the post Back To Top
Advertisement