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Get your taxes done using TurboTax
The point of selling it and repurchasing it would be to harvest the capital gain in a year when it would be taxable at a rate that is less than what it would be if sold in a later year. The sale and repurchase resets the cost basis to the repurchase price. You are pulling into the current year what would otherwise be taxable gain in a future year.
‎December 22, 2024
10:10 AM