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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120780  
Subject: Re: Wash Sale Question Date: 7/31/2002 9:53 PM
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<<I hold a stock in 3 different accounts. I have a loss in my taxable account and substantial gains my wife's ROTH and son's Ed-IRA (Coverdell). All the stock was bought within the last couple of weeks. If I sell the stock in the tax-free accounts first can I then sell the stock in my taxable account and take the loss against gains I had earlier in the year. >>

I also disagree with the statement that you can mingle transactions in a taxable and non-taxable account and still consider yourself "clean". I've done considerable research on this issu (as has Ed), and tend to believe that if you have control of the accounts in question, that the IRS could review all of the activities in concert and deem that wash sales have taken place...even if the loss occurs in the taxable account, while the repurchase takes place in an IRA account.

I'll not post my analysis here. In 2 or 3 of my 10,000+ posts I've beaten the tar out of the issue. Suffice it to say that, in my humble opinion, you're running a risk if you make a loss sale in a taxable account, and then repurchase similar stock in an IRA account.

But then, you can take this advice for exactly what you paid for it!! :-)

Hope this helps...
TMF Taxes
Roy
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