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Posted On: 08/06/2021 6:44:06 AM
Post# of 153988
Concerning that ROTH I opened yesterday Enjay got me thinking about that wash sale rule and it looks like i will have to wait 30 days to sell the stock i have in the taxable account once i have my allotment of CYDY stock in the ROTH.
I went to the google machine and although some said it was possible I also found a lot like this
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If you sell shares at a loss in your taxable account and repurchase them within 30 days, it’s a wash sale and the loss is deferred. However, if you repurchase the shares in an IRA, you create an irretrievable loss. Normally, if you execute a wash sale in your taxable account, you cannot immediately deduct the loss. Instead, you must add the disallowed loss to the cost basis of the replacement shares. This will reduce your capital gain or widen your capital loss when you eventually sell the replacement shares. However, because you don’t pay taxes on IRA investments, you permanently lose the deferred loss on wash sale shares repurchased in your IRA
OUCH!
I went to the google machine and although some said it was possible I also found a lot like this
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If you sell shares at a loss in your taxable account and repurchase them within 30 days, it’s a wash sale and the loss is deferred. However, if you repurchase the shares in an IRA, you create an irretrievable loss. Normally, if you execute a wash sale in your taxable account, you cannot immediately deduct the loss. Instead, you must add the disallowed loss to the cost basis of the replacement shares. This will reduce your capital gain or widen your capital loss when you eventually sell the replacement shares. However, because you don’t pay taxes on IRA investments, you permanently lose the deferred loss on wash sale shares repurchased in your IRA
OUCH!
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