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marcrazed
Level 1
January 4, 2025
Question

Can you tax loss harvest SPY with VOO or is that considered a wash-sale under the IRS?

  • January 4, 2025
  • 2 replies
  • 45 views
No text available

    2 replies

    rjs
    Level 15
    rjsLevel 15
    Level 15
    January 5, 2025

    It's not clear. Tax professionals and financial advisors are all asking the same question. The IRS has not issued a clear definition of "substantially identical" securities, particularly with regard to ETFs that hold the same securities or use the same benchmark index, such as SPY and VOO. Experts disagree. Anyone who gives you a definite answer is just giving you their opinion. The IRS has not made a ruling.

     

    fanfare
    fanfare
    Level 15
    January 5, 2025

    Your broker won't report them as substantially identical.

    They use CUSIP to look for wash sales.

    That's what I was told by TD Ameritrade (now Schwab).

     

    In other words, your broker doesn't want to be the umpire in these comparisons.

     

     

     

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