☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Apr 18, 2022 12:19:05 AM

I sold stock for a gain and then bought the same stock at a lower price on the same day

I sold stock for a gain and then bought the same stock at a lower price on the same day. It was a mistake, I meant to sell only a portion of my shares and I accidentally sold them all. This is not a wash-sale, but I did make a small gain when I re-purchased the same number of shares. Turbo tax is showing the full gains but is not accounting for the repurchase. Essentially, I made a gain of $865. I never realized the full gain as cash.  What can I do?

0 2 4940
2 Replies
Level 15
Apr 18, 2022 4:56:42 AM

@mergebow 

There's nothing to do.

Hold your stock at least 30 days if you want to avoid a potential disallowed wash sale loss.

 

IRS does not care that you purchased identical shares unless you had a loss. You had a gain.

Expert Alumni
Apr 18, 2022 5:04:04 AM

If I understand correctly:

  • You sold a stock at a profit of $865.
  • You repurchased the same stock and number of shares
  • You are correct this is not a wash sale.
  • If you did not sell the new batch of shares you will owe tax on the $865 gain.
  • You will then get the profit or loss from the new shares when you sell them.