Hi! question for fellow ET members: if one own corporation with brokerage account and personal brokerage account and having losing position on let's say personal account-is it legal and does it make sense to sell position to take the loss and at same time buy same stock on corp account? i know about wash sale,where you cannot claim loss,if you sell and then buy same stock back right away,but what about situation described above? Thank you!
its still a wash sale but its unlikely they would ever catch it. it makes good sense to take a tax loss but it only makes sense to buy it back if you think its going up.
Too late now but what I do is sell to get the loss and then buy a related company to hold through the 30 day wash sale period. Then I reverse them. Sort of like a pairs trade.