Selling for tax loss

[Bob111]

Hi! question for fellow ET members:
if one own corporation with brokerage account and personal brokerage account and having losing position on let's say personal account-is it legal and does it make sense to sell position to take the loss and at same time buy same stock on corp account?
i know about wash sale,where you cannot claim loss,if you sell and then buy same stock back right away,but what about situation described above?

Thank you!

 

[Free Thinker]

Quote from Bob111:

Hi! question for fellow ET members:
if one own corporation with brokerage account and personal brokerage account and having losing position on let's say personal account-is it legal and does it make sense to sell position to take the loss and at same time buy same stock on corp account?
i know about wash sale,where you cannot claim loss,if you sell and then buy same stock back right away,but what about situation described above?

Thank you!

its still a wash sale but its unlikely they would ever catch it. it makes good sense to take a tax loss but it only makes sense to buy it back if you think its going up.

 

[Hurricane]

Too late now but what I do is sell to get the loss and then buy a related company to hold through the 30 day wash sale period. Then I reverse them. Sort of like a pairs trade.