This question is about wash sales of stocks in the United States.
First transaction: On 06/27/2012 I purchase shares of a company for $1,000 and sell all of them for $2,000 at a profit of $1,000.
Second transaction: The next day, on 06/28/2012 I purchase shares of the same company for $4,000 and sell all of them that day for $2,000, a $2,000 loss.
In total, I lost $1,000.
My questions are as follows
- Since my first purchase and sale was a profit and I then repurchased the stock, is this a wash sale?
- TurboTax is telling me "The good news is you can keep a record of this $1,000 loss and when you sell the new shares you purchased, you can add it to your cost basis so your taxable gain will be less, or your loss even more." - the problem is I already sold the shares. So what do I do with this record of a $1,000 loss? Shouldn't it be added to this year's tax information?