For those of you that are thinking of selling and
Post# of 15624
(Total Views: 365)
Posted On: 11/13/2017 10:16:40 PM
For those of you that are thinking of selling and immediately buying the shares back for income tax purposes. Read up on wash sales and what it will do to your tax deduction........no deduction allowed if you repurchase within thirty days of selling........you do get an increase in basis.
If you made a "mark to market" election then wash sale rules do not apply and you can also deduct the entire loss.........no three thousand dollar loss limit......you really have to walk the talk to qualify for mark to market. And it is to late to make an election for 2017.
I am not a tax expert but know enough to caution investors. If we could just sell and repurchase without tax consequences most of us would be doing it.
If you made a "mark to market" election then wash sale rules do not apply and you can also deduct the entire loss.........no three thousand dollar loss limit......you really have to walk the talk to qualify for mark to market. And it is to late to make an election for 2017.
I am not a tax expert but know enough to caution investors. If we could just sell and repurchase without tax consequences most of us would be doing it.
(0)
(0)OWC Pharmaceutical Research Corp. (OWCP) Stock Research Links
Scroll down for more posts ▼