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Economy
Capital Gains - The Wash Sale Rule Keeps Your Tax Loss Claims Clean
2022-12-07
[FORBES] One of the nice things about the U.S. tax code is that if one of your investments ends up in the red, you can sell it at a loss and reduce your taxable income. Just be careful not to repurchase the same security too soon (or one that’s substantially similar), or you could end up breaking the wash sale rule.
Check your 2021 Capital Gains 'carry over' on last years schedule D, line 13. If you have NO previous year 'carry over' available to absorb 2022 gains, this could be option. Mind the 30 day 'buy back' rule.

Or you could just go out and buy a new F-150.

Lastly, you may also wish to consult your tax advisor and examine the sales and re-purchase fees.
Posted by:Besoeker

#4  /\ Yes, per your link, "30 day rule" applies. Best to wait a bit longer to be on the safe side.
Posted by: Besoeker   2022-12-07 11:36  

#3  Tax Loss Harvesting - you do have to be careful you don't buy the same stock.
Posted by: CrazyFool   2022-12-07 11:15  

#2  /\ Yes, I believe it is $3000. per year. Beyond that, you're in 'carry over' territory again.
Posted by: Besoeker   2022-12-07 10:46  

#1   you can sell it at a loss and reduce your taxable income

"Mind the Cap"
Posted by: Skidmark   2022-12-07 09:55  

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