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Since you cannot take a loss on a stock that you repurchase within 30 days (wash sale), I was wondering if you could use options to get around it. For instance...
You just bought 100 shares of INTC at $75 ($7500) and it tanks. You sell at $45 ($4500) for a $3000 loss. (for those that don't know, a "wash sale" refers to buying back INTC within 30 days of the sale would prevent you from taking a tax loss). So....INTC Nov. 45 option (.INQKJ) is 3 1/4...(for those who don't trade options...they are sold as 100 shares per contract. One .inqkj contract would cost $325). After the 30 day period you exericise the option contract and once again you own 100 shares of INTC for $4500 + $325 = $4825.

My question is this...since you waited over 30 days to exercise the option and purchase the stock, can you now write off the $3000?
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