Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I think I understand the reason for the IRS wash sale rule to prevent harvesting of tax losses. My question has to do with how does this rule apply to a gain. I recently saw what I felt was an short term opportunity to lower my basis for a stock that was already up 20%. So I sold and have a $4000 short term gain. Now two days later, the stock had dropped a little, so I have bought back my original position.

So will the wash sale rule protect me from gains on this sale?

thanks,....mike

Cross posted to Beginning Investors Board

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.
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.