A
Alex
Guest
Can I offset a capital gain with another stock's loss, and immediately buy back the stock with the gain? For example,
- I sell stock ABC with a loss of $10000
- I sell stock XYZ (100 shares, bought at $100, sold at $200) with a total gain of $10000
- I immediately buy back stock XYZ at $200
My questions are:
1) Is it true that I have no net capital gains for tax purposes for the year because my loss offsets my gains?
2) Do I get to set the cost basis for stock XYZ to the new, higher price of $200, despite the fact that I immediately sold and bought it back to offset the loss on ABC?
Thanks.
- I sell stock ABC with a loss of $10000
- I sell stock XYZ (100 shares, bought at $100, sold at $200) with a total gain of $10000
- I immediately buy back stock XYZ at $200
My questions are:
1) Is it true that I have no net capital gains for tax purposes for the year because my loss offsets my gains?
2) Do I get to set the cost basis for stock XYZ to the new, higher price of $200, despite the fact that I immediately sold and bought it back to offset the loss on ABC?
Thanks.