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Question

I sold stock for a gain and then bought the same stock at a lower price on the same day

Forum|Forum|4 years ago
April 18, 2022
2 replies
0 views

I sold stock for a gain and then bought the same stock at a lower price on the same day. It was a mistake, I meant to sell only a portion of my shares and I accidentally sold them all. This is not a wash-sale, but I did make a small gain when I re-purchased the same number of shares. Turbo tax is showing the full gains but is not accounting for the repurchase. Essentially, I made a gain of $865. I never realized the full gain as cash. What can I do?

TurboTax Home & Biz Windows

Employee

There's nothing to do.

Hold your stock at least 30 days if you want to avoid a potential disallowed wash sale loss.

IRS does not care that you purchased identical shares unless you had a loss. You had a gain.

If I understand correctly:

You sold a stock at a profit of $865.
You repurchased the same stock and number of shares
You are correct this is not a wash sale.
If you did not sell the new batch of shares you will owe tax on the $865 gain.
You will then get the profit or loss from the new shares when you sell them.

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