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I rebought a stock back after a loss before the 30 day period. So from what i gather, i fall into the wash sale rules, having to add the loss amount to the cost basis of the new stock purchased. so as long as i sell the stock before the end of the year & not repurchase it again for 31 days, their is really no wash sale at all, right? Ill just figure any loss or gain from the two sales as regular taxes for the year with my capital gains. The reason i say this, if their is no stock no longer owned to add to the cost basis, then how could it be a declared as a wash sale? also if this was done at the beginning of the year, one could still write off the loss & keep their postion long on the stock for the whole year & not fall within the wash rules. Is this correct? It also seems like if you repurchase a stock you fall into the rule that you cant sell it for 30 days at a loss & be able to right it off as a loss(again unless you sell it before the end of the tax year).
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