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A wash sale is a sale of a security at a loss and repurchasing the same or substantially identical stock shortly before or after with the intention of realizing the loss as a claimable tax deduction but still reaping gains if the security's price recovers.

3 votes

Do IRS wash sale rules apply to gains as well as losses?

The wash sale rule says that a loss that would otherwise be deductible is not deductible if you buy the same security within 30 days of the sale (either before or after). It does not mention, or apply …
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1 vote
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Can IRS construe a Roth conversion to be a wash sale?

Yes, it can count as a wash sale, but not under the situation you're describing. The effect of a wash sale is basically that an otherwise-deductible capital loss can not be deducted. Any capital gains …
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13 votes
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Does the wash sale rule apply in reverse?

Yes, you will owe tax on the realized gain. But your newly-purchased shares will have a higher cost basis, potentially reducing the taxable gain of future sales (or increasing the deductible loss). St …
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