I am in 15% Tax Bracket. Does this scenario work for 2008.
Sell al my stock, re buy it when legally OK, since tax is zero.
I will then have a higher cost basis if the law ever reverts back to taxing cap gains again thus my gain would be less.
Tks all.
bw
There's no wash sale rule for gains. You don't have to wait to repurchase the stock.
Keep in mind that the 0% rate only applies to gains falling into the 5/15% bracket. For example, if all your other income puts you $4,000 short of the end of the 15% bracket, and you have $30,000 in long-term gains, only $4,000 of the gains will be taxed at 0%, with the remaining $26,000 being taxed at 15%.
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