Wash Sale Rule....I sell a stock for a gain. I buy it again the next day and then sell it for a loss. Can I?

claim the loss?Wash Sale Rule....I sell a stock for a gain. I buy it again the next day and then sell it for a loss. Can I?
The wash sale ';washes away'; the quick sale and repurchase.





For taxes that means you act like it didn't happen. So all that matters is if the final sale is more or less than the original cost basis.





So with your situation it means if your gain minus the loss was positive you report the smaller gain. If your loss was greater than the gain you report the loss minus the gain.





But it is easier to figure if you just ignore the washed out sale-purchase and report the original cost minus the final sale.Wash Sale Rule....I sell a stock for a gain. I buy it again the next day and then sell it for a loss. Can I?
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As long as you do not buy it again within 30 days, you can take the loss to offset the gain. But if you buy any of it back within 30 days, the wash sale would apply to the loss for that portion, and you could not take that loss until you sold it again and did not buy it for 30 days.
Understand that the wash sale rule does not prevent you from doing anything. It merely affects the way you report your transactions for tax purposes.
yes