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Welcome to DeepDive, the podcast where artificial intelligence and industry-leading expertise come together to take you deep into strategies for success in the tax and accounting industry. Each episode dives into important issues and trends, sharing insights about real tax and accounting pros, along with the latest from our CountingWorks Pro blog—all powered by AI for a listening experience you have to hear to believe.
Whether you’re looking to stay on top of industry news or just want to make sense of complex topics, DeepDive is here to keep you on the cutting edge.
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Navigating Wash Sale Woes: Common Pitfalls, Tax Implications, and Strategic Avoidance
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To prevent taxpayers from selling a security to claim a loss and then immediately repurchasing the same or a “substantially identical” security, the tax code has a “wash sale” rule: the loss is disallowed if the repurchase occurs within 30 days before or after the sale that resulted in the loss.