What are the tax implications of the wash sale rule?
An example of an AI chatbot conversation about tax implications of the wash sale rule.
What are the tax implications of the wash sale rule?
The wash sale rule prevents taxpayers from claiming a tax deduction for a security sold at a loss if they repurchase the same or substantially identical security within 30 days.
How does this affect my capital gains?
If you trigger the wash sale rule, the loss is disallowed for tax purposes, which means it won't offset your capital gains.
Are there any exceptions to this rule?
Yes, exceptions include certain retirement accounts and if you sell the security in a different account.
What should I do if I accidentally triggered the wash sale rule?
You should keep detailed records of your transactions and consult a tax professional to understand your options.
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