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Dabbs, Hickman, Hill & Cannon, LLP


319 South Main Street, PO Box 727

Statesboro, GA 30459

Phone: 912-764-6951


325 Tattnall Street

Savannah, GA 31401

Phone: 912-233-9004

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.

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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