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This year I bought a stock. A little while later I sold it for a profit of $12,000. The same day, I bought it back again with hopes that maybe it was going a lot higher. Well, now I've lost (if I sell) $17,000.
My question is, is it a wash sale if I buy it back right away even if it was sold for a profit and not for the sake of selling for a loss for tax reasons. Also, will I have to pay any taxes on the original 12,000 since I'm planning to sell it this year and take a 17,000 loss on it. Thank you!
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