Question

Can I repurchase stock that has been sold to take advantage of 0% capital gains taxes in same yr?We (married filing jointly) have less than $78,000 in income for 2019.

Forum|Forum|6 years ago
December 27, 2019
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We want to take advantage of our income being below $78,000 for 2019, so we want to sell stocks that have capital gains - total income including capital gains below $78,000. After we sell, can we repurchase the same stocks at a new basis?

TurboTax Live Self Employed

A

Anonymous

each stock stands on its own. if you sell at a gain, nothing prevents you from buying the same stock just 1 second after the sale. if there's a loss, and assuming all shares are sold, the loss will be disallowed if a repurchase of shares occurs within 31 days of sale. if you but 100 shares 60 days before sale and another 100 shares 15 days before sale and sell 100 at a loss the wash sale rules would also apply because you purchased the same stock within 30 days before the loss sale