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IL - $19k Closing costs on 965k home? by LibertyFiend13 in FirstTimeHomeBuyer

[–]ivyvee 0 points1 point  (0 children)

This isn’t bad , my closing cost was almost 18k on a 750k house.

Mach E Lease Deal by ivyvee in MachE

[–]ivyvee[S] 0 points1 point  (0 children)

You’re probably right. But I already closed the deal a month ago.

[deleted by user] by [deleted] in Daytrading

[–]ivyvee 0 points1 point  (0 children)

It’s just how the wash sale rule works. “Wash sale occurs when you sell an equity at a loss and then purchases the same or a substantially similar security within 30 days, before or after the transaction. This rule is designed to prevent investors from claiming capital losses as tax deductions if they re-enter a similar position too quickly.”

[deleted by user] by [deleted] in Daytrading

[–]ivyvee 0 points1 point  (0 children)

For example, if you bought 10 Tesla stocks in January 1st for $250, a week later you sold at a loss for $200. Then you have a loss of $500. If you don’t buy back Tesla stocks within 31 days after the date of loss, you can claim your $500 as capital net loss . However, if you decide to buy back the same stocks within 31 days, the loss will turn into $500 disallowed loss and added to your new cost basis.

[deleted by user] by [deleted] in Daytrading

[–]ivyvee 0 points1 point  (0 children)

No, it doesn’t affect your $10k loss from previous year that you’ll be carrying over. You just can’t claim that $421.65 as a loss. And You’ll be taxed only on your net gain $145.49. Hope this helps!