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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2016: Saving for babby's first SA account
 
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greasyhands
Oct 28, 2006

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Dessert Rose posted:

Couple weeks late but whatever.


Well, last year topped out at 379k, so thanks to the market I did pretty well. I even made a bad decision and sucked out: when the market dipped in Jan I moved all my bonds to taxable and my total market funds to my IRA, harvesting the loss in the process. Now I have significantly more tax advantaged space in my IRA, since the bounce back happened there, and I get to claim a not-insignificant loss on my taxes.



That is a wash sale, bud... I mean, the odds of ever getting caught by the IRS are very close to 0, but what you did is technically a wash sale and strictly speaking does not generate a tax loss.... unless you waited 30 days, I guess.

The IRS has ruled (Rev. Rul. 2008-5) that when an individual sells stock or securities for a loss and causes his or her IRA or Roth IRA to buy substantially identical stock or securities within 30 days before or after the sale, the loss on the sale is disallowed under section 1091 and the individual's basis in the IRA.

* # ¿ Jan 22, 2017 03:59
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2016: Saving for babby's first SA account