Selling for tax loss

Discussion in 'Taxes and Accounting' started by Bob111, Dec 29, 2011.

  1. Bob111


    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!
  2. 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.
  3. 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.