30 day wash rule clarification

[Jones75]

I closed out stock "A" position for profit, and
closed out the long put position, on stock "A", for a loss. (everything at the same time)

Do I have to wait 30 days to purchase new long puts on stock "A" that I'm repurchasing, which is now a week later, to avoid the 30day wash rule?

Thoughts on this are appreciated.

 

[FreakofNature]

If you dont trade that instrument in December you trick their stupid wash sale rule.

 

[Jones75]

I closed out stock "A" position for profit, and
closed out the long put position, on stock "A", for a loss. (everything at the same time)

Do I have to wait 30 days to purchase new long puts on stock "A" that I'm repurchasing, which is now a week later, to avoid the 30day wash rule?

Thoughts on this are appreciated.

I'm under the impression the 30day wash rule only applies to stocks and call options, not put options, but don't want to phone the CRA or IRS to find out. The following is from an 8year old answer on Yahoo! which only mentions a call option.

 

[gkishot]

I closed out stock "A" position for profit, and
closed out the long put position, on stock "A", for a loss. (everything at the same time)

Do I have to wait 30 days to purchase new long puts on stock "A" that I'm repurchasing, which is now a week later, to avoid the 30day wash rule?

Thoughts on this are appreciated.

Why do you want to close put position and then repurchase it again?

 

[Sig]

I'm under the impression the 30day wash rule only applies to stocks and call options, not put options, but don't want to phone the CRA or IRS to find out. The following is from an 8year old answer on Yahoo! which only mentions a call option.
View attachment 164392

There is really no good guidance on this, but it seems the prevailing wisdom is that it does apply to put and call options. If you sell a deep ITM put option and, at the time you sell the put option, that there is no substantial likelihood it will expire unexercised, then its considered the same as selling the stock short for the purposes of the wash sale rule. "No substantial likelihood" isn't defined anywhere, so you'd have to fight it out with the IRS on that one.
As FreakofNature pointed out, the wash sale rule isn't a prohibition or anything you can't work around. As long as you've worked your basis out by the end of the tax year you can wash away the rest of the year without any impact on your taxes, and even if it does impact your taxes it's just a matter of you paying earlier than you otherwise would, so among tax mistakes it's not the end of the world.

 

[Jones75]

Why do you want to close put position and then repurchase it again?

I did make a nice profit in a year that's been going sideways for me, but should have milked it for more.