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Stock sale wash rule
If I sold 1000 shares of xyz @ $10, which I had originally bought @ $90, thereby having a long-term loss of $80,000, but which I buy back in 29 days, I would thus incur a wash sale. Now,if I sell again 2 years later 1000 shares @11, am I correct in thinking that my loss for IRS purposes would be the $80,000 plus $79,000, for a total reportable long-term loss of $159,000?
My email address: [email protected] Many thanks. |
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Here is the answers a second time:
No, your original basis applies plus whatever your secondary basis was. In your example, your original basis is $90K. Let's assume your 29-day cost was $15,000, so, in total, your basis is $105,000. If you then sold the 1,000 shares at $20 a share at a time beyond the wash sale restrictions for $20,000, your total loss would be $85,000. |
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