What are the tax implications of a wash sale?
An example of an AI chatbot conversation about tax implications of wash sales.
What are the tax implications of a wash sale?
A wash sale occurs when you sell a security at a loss and repurchase it within 30 days. The IRS disallows the loss for tax purposes.
How does this affect my capital gains?
If a wash sale is triggered, the loss cannot be deducted from your capital gains, which may increase your taxable income.
Are there any exceptions to the wash sale rule?
Yes, exceptions include selling securities in a retirement account or if the sale is part of a larger tax strategy.
What should I do if I accidentally trigger a wash sale?
You should keep detailed records of your transactions and consult a tax professional to understand your options.
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