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I bought a stock and made $14,000.00 in profit. I then used

$5,000.00 of it to buy...
I bought a stock and made $14,000.00 in profit. I then used $5,000.00 of it to buy another stock then another $5-6000.00 of that profit to get back into the same stock. Do I pay taxes on the difference of what I put BACK into the original stock? Meaning if it was less than 30 days between sell and buy its a wash?
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Answered in 21 minutes by:
2/1/2010
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,236
Experience: 15years with H & R Block. Divisional leader, Instructor
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HelloCustomer

Under the wash-sale rules, if you sell stock for a loss and buy it back within the 30-day period before or after the loss-sale date, the loss cannot be immediately claimed for tax purposes.

The wash sale rule only applies to losses. You can't wipe out a gain from a sale by buying the same stock back within 30 days.

You pay tax on the entire gain.

I sincerely XXXXX XXXXX information is helpful,

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,236
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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