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Wash sales rules
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not been recently
reviewed or revised by the author and may be out of date. If in doubt,
please send a new question or ask for an update.
Q:
Does the "wash sale" rule prevent me from buying a stock back right after I sell it?
A:
No, you may buy and sell a stock as often as you wish. For tax reporting purposes, however, this quick sale/buy back is not counted so the tax is calculated as if you had continuously owned to stock. This rule comes into question more often at the end of the year when investors try to realize tax-deductible losses or lock in low long term capital gains rates without really altering the makeup of their investment portfolio.
Summary
More resources:
Instructions for IRS Form 1040 Schedule D
