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April 13, 2015, 10:14:48 AM |
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You really need to talk to an accountant, and I am not one. While the following should NOT be construed as financial advice, here is what I believe I know:
For starters, I believe wash sale losses are disallowed for that transaction, but not permanently. IOW, the loss counts against future gains. However, even if I am correct, it isn't as simple as subtracting the losses from the gains, the cost basis of the future transactions must to be adjusted appropriately, and for all I know, that could lead to transactions you are calling gains being additional wash sales.
Beyond that, RE: property, you can't claim losses on personal property, so unless you are investing, the losses don't count regardless, but the gains do. Presumably that would put you in the predicament you believe you are in for real. However, if you are investing, then there may be other rules similar to wash sale rules that apply elsewhere (if the wash sale rules themselves don't).
So, to reiterate, the above should NOT be construed as financial advice, and you really need to find an accountant.
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