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October 2023
Beware the Wash Sale Rule
It sounds simple. Sell securities, such as stocks, bonds, ETFs, or mutual funds, in which you have a tax loss for 2023, claim the loss, and repurchase the assets.
Simple, except for the IRS’s pesky wash sale rule. The rule specifies that if you buy or acquire a substantially similar security within 30 days before or after you sell it, you cannot deduct any loss on the sale.
CLAIM YOUR LOSSES
But you have a couple of strategies to use to follow the rules and claim your investment loss. Hold off buying the same or a very similar investment during the 61-day period starting the date of your original purchase and ending 30 days after your sale. If you can’t wait, reinvest in a security that isn’t substantially similar to the one you sold.Consult your tax and financial professionals before using any investment sale or purchase as a tax strategy.
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