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Wash-Sale Rule

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Wash-Sale Rule
An Internal Revenue Service (IRS) rule prohibiting a taxpayer from claiming a loss on the sale of an investment when the same investment was purchased within 30 days before or after the sale date.
    
Also known as the "30-day Wash-sale rule".   This rule was imposed to crack down on taxpayers trying to get a Tax reduction from a Wash sale.The Wash sale rule prohibits an investor from claiming a capital loss for Tax purposes if the investment in which the loss originated is repurchased within thirty days. Unless the investor waits until the thirty day period has elapsed, he Will not be able to write the loss off his taxes, thanks to the Wash sale rule .
Posted by  marcus evans limited
 
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