Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
<<So my question is this, can I sell this stock in my regular account and immediately buy it in my IRA account? Will the wash rule apply?>>

As Phil points out, there is nothing that you can point to that would allow a clear "yes" or "no" answer. My personal opinion is that the IRS could mount a very good case for making the wash sale claim...even if the account is an IRA account. There is one court case that has ruled around this issue...since the taxpayer had control of both his regular account and his trust account they were treated as one big account...even though they were legall separate.

Many tax pros believe that the wash sale provisions would apply. I'm one of them. Kaye Thomas (whom I have the utmost respect for) is another. I feel like I'm in good company.

But as Phil points out, others disagree. I don't think it's worth the risk...but that's just me.

We've discussed this issue many times in the past. Do the word search and check out the various thoughts on the issue.

TMF Taxes
Roy
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement