Earlier this year, I sold some ABC stock with a loss of $8244. I currently own some XYZ stock that has an un-realized gain of about $9000. I want to keep my XYZ stock. I could sell the XYZ and then immediately purchase different shares, but I would have to pay a broker.
Is there an way to take the gain, pay the capital gain on (about) $756, and get a step-up in basis for the XYZ to $9000 (or whatever the price is that day)?
Wouldn't you be better off using the capital loss against ordinary income at the rate of $3000 per tax year?
There's no way to do it other than to sell and repurchase. That would incur brokerage fees for both the sell and the buy, as you said, and there is also a risk that the price for the repurchase will be higher than what you got for the sale. Also make sure that your broker will allow you to make the purchase without waiting for the sale to be settled.
Bob Sandler
You asked essentially this same question in this same newsgroup just a few years ago, and got essentially the same answer. (ditto for other questions, as I recall).
Although this is a free, anonymous resource, it seems basic netiquette would inspire you to not keep on doing this. At the very least, perhaps you could do a quick internet search first, to see if the information you seek is already available, again as a basic courtesy to the volunteer contributors here.
As an apparently high-net-worth, high-income individual, have you ever considered just paying for professional help? (or, if you are suffering from memory loss, perhaps seeking medical attention...)
Is paying a $20 tax deductible commission (combined buy/sell) really that big a deal to you?
On 2012-06-26 20:29, NadCixelsyd wrote: > I have 400 shares (after splits) that have basis of $2300. It's now > worth $56000. > [...] > I want to declare the gain now, but I still like the stock and I > want to hold on to most of it. I could sell the shares, and buy them > again and I get the step up in basis? > > But... Can I declare the gain, pay the tax, get the step up in basis > without actually selling/buying the stock (and saving the > commission)?
On Friday, September 11, 2015 at 5:35:05 PM UTC, Mark Bole wrote: ...
Oops. Obviously your memory is better than my memory.
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