@Claude4 Just to clarify why the volunteers who took time to respond mentioned "wash sale". You asked about how much time you needed to be out, and clarified that you understood the capital gains and ordinary income aspects of the trade, but made no mention of understanding the wash sale implications of being in and out, or that you were confident that you had a large gain on the sale. So, I guess erring on being complete? In addition, believe it or not, other people with similar questions stumble across these exchanges and appreciate getting complete answers.
As to getting 2 K-1s for the same year, I've done it so its definitely not a theoretical possibility. But I was out for several months so don't know if 1 day, or 1 week, or a month end are required by the k-1 preparer.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
