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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2608
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I had substantial (on-IRA) stock sale losses that I could not

Customer Question

I had substantial (on-IRA) stock sale losses that I could not claim due to the wash rule. According to IRS...If your loss was disallowed because of the wash sale rules, add the disallowed loss to the cost of the new stock or securities. The result is your basis in the new stock or securities. This adjustment postpones the loss deduction until the disposition of the new stock or securities. Your holding period for the new stock or securities includes the holding period of the stock or securities sold.
Should I amend my last year tax to allow for this? Should I locate a CPA to determine if I can get some relief?
Submitted: 2 years ago.
Category: Finance
Expert:  Lev replied 2 years ago.
Hi and welcome to our site!
Your statement is absolutely correct.
But it is not clear if you sold the new stock or securities which triggered the wash sale limitation or you still have them?