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Toanoman

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Toanoman

Re: rockie101 post# 85030

Tuesday, 12/01/2020 11:36:53 AM

Tuesday, December 01, 2020 11:36:53 AM

Post# of 96905
You can do it if you have a GAIN. Sell it it and buy it right back. You will pay tax on gain for 2020. The stock will have a new cost basis = to your new purchase price.

Note: cannot do this to book a LOSS. If you have a loss on stock sale, you must wait 30 days before buying it back -- buy back early and you cannot take a loss. This IRS rule is called a "Wash Sale"
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