Tax harvesting / wash-sale question. If you sell f
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Posted On: 12/13/2023 2:44:13 PM
Re: Evil Rabbit #139787
Quote:
Tax harvesting / wash-sale question. If you sell for a loss in one brokerage account, and buy back in another… how would the IRS know?
I’m aware this is forbidden as it violates the 61-day guideline. Genuinely curious how it’s tracked.
if you are audited, they will find out, otherwise I don't believe so (note the IRS has significantly increased resources and they are not limited to the uber-wealthy). Your risk would be the $3k write down times your tax rate; any penalties I believe should be fairly insignificant at this dollar level
Not advocating what you should do, I'm no expert, just quantifying the risk/reward - I've been getting audited every 4-5 years. You might be better off waiting until after the CC to decide how to proceed.
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You should know the answer to this today after hours if we do/don't get a PR.
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