Question on wash sale

[IrvingUser]

Hello... I have a FedEx Stock position in my portfolio with a significant loss. 

I want to take advantage of offsetting this loss against my other capital gains.  But I really want to hold this position for the long term.

Scenario -1: I think I know this if I sell Fedex stock and buy back the same stock within 30 days, it will be a wash sale. And my cost basis gets adjusted and cannot harvest that loss.

Scenario-2: If I first buy more Fedex stock and then sell that specific lot with the loss.. does this also come under the wash sale rule. Or can I harvest this loss in this scenario? Also is there any number of days I have to wait before I can sell the lot with a loss?

Please help me,

Thanks

[Bsch4477]

If you want to sell a security at a loss and buy the same or a substantially identical security within 30 calendar days before or after the sale, you won't be able to take a loss for that security on your current-year tax return.

[IrvingUser]

So in both scenarios, it will trigger a wash sale. 

Thanks

[fanfare]

My neighbor was just reminding me that in New Jersey you can't deduct losses unless you have a gain.

so in his notion of "tax harvesting", you have to sell another stock with a gain equal to the loss.

No income tax deduction, but you have nullified capital gains tax on the winning stock.

And, of course, stock sold with a gain can be repurchased immediately.

@IrvingUser