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Wash Sale

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Wash Sale
An illegal transaction an investor makes by simultaneously buying and selling a Security through two different brokers, thereby creating the illusion of activity.
    
Investors do this to try and recognize a Tax loss without actually changing their Position. A Wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you buy substantially identical stock or securities, acquire substantially identical stock or securities in a fully taxable trade.
    
The effectiveness of this strategy has been greatly diminished with the implementation of the IRS 30-day Wash rule, where a taxpayer cannot recognize a loss on an investment if that investment was purchased within 30 days of sale (before or after sale).
Posted by  Privatebanking.com
 
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