Message Font: Serif | Sans-Serif
No. of Recommendations: 1
The one word is NO. However, you got the wrong reason. Our legislators didn't want you to have the opportunity of reducing your taxes with a loss and still hold your position in the future. So the wash sales rules prevent that. As soon as you get out of the position you can take the loss. Since there's no way to adjust basis in an IRA, you probably lose the loss forever if you rebuy in the

Also all thoses other accounts are "related parties" and worse than a wash sale where you eventually can use the loss (unless it's in a non-taxed account), on a sale to a related party you loss the loss *forever*. And yes your wife is a related party, and so are *your* IRAs, corporations, partnerships, etc.

Print the post  


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.
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.
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.