Replies to post #426219 on NorthWest Biotherapeutics Inc (NWBO)

[FeMike]

Again, Hog wash!!!! If I don't sell the security that I just bought back before the end of the year it is perfectly legal out of a taxable account. Do it every year and I have an accountant

Sir P I'm just not sure this is true...

You may want to delete this post so you don't get yourself and your accountant in trouble. And stop doing this.

[rogers5729]

Then you need a new accountant. Either a) they don't know the law or b) you don't understand what he told you.

Regardless, you're opening yourself up as being liable for tax fraud.


Like, seriously, the IRS and SEC are crystal clear on this:

A wash sale occurs when you sell or trade securities at a loss and within 30 days before or after the sale you:

Buy substantially identical securities,

Acquire substantially identical securities in a fully taxable trade, or

Acquire a contract or option to buy substantially identical securities.

Internal Revenue Service rules prohibit you from deducting losses related to wash sales. For more information about wash sales, read IRS Publication 550, Investment Income and Expenses (Including Capital Gains and Losses).