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Tax Loss Harvesting Without the Wash Sale Trap | Raleigh News
Tax loss harvesting is a smart tax strategy that lets you offset gains with losses, up to $3,000 annually—but the IRS has a sneaky rule called the wash sale that can ruin your plans. If you sell a stock at a loss and buy it back (or something nearly identical) within 61 days, you lose the deduction. This applies across all accounts—even your spouse’s or IRA. The fix? Use ETFs in the same sector instead of buying the exact stock again. Just beware dividend reinvestment plans, which can accidentally trigger the wash sale. Stay sharp, stay diversified, and don’t let your tax strategy backfire…
The skinny
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