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Posted by martin lynch on March 16, 2008, 12:43 am
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If I sell an amount of holdings in a mutual fund on a certain date, in
a non-retirement account, and purchase the exact same amount of the
same fund on the same date, but in a Roth IRA, will the wash sale rule
still apply?
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Posted by joetaxpayer on March 16, 2008, 12:48 am
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martin lynch wrote:
> If I sell an amount of holdings in a mutual fund on a certain date, in
> a non-retirement account, and purchase the exact same amount of the
> same fund on the same date, but in a Roth IRA, will the wash sale rule
> still apply?
Discussed here many times. Wash rule applies if the sale was a loss. Of
course if the sale was a gain, you pay the tax, and are free to
repurchase in any account you wish.
See http://www.fairmark.com/capgain/wash/wsira.htm for their explanation
as well.
Joe
www.blog.joetaxpayer.com
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by removeps-groups@yahoo.com on March 17, 2008, 12:53 pm
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> If I sell an amount of holdings in a mutual fund on a certain date, in
> a non-retirement account, and purchase the exact same amount of the
> same fund on the same date, but in a Roth IRA, will thewashsalerule
> still apply?
I think the wash sale rule still applies, because the point of the
wash rule is to subject you to market risk before you can take the
loss. So the disallowed loss gets transferred to the stock in the
Roth IRA, but as this is a tax-free trading account, you lose the wash-
sale carryover.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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