A wash sale results when an investor sells a security at a loss, then either buys it or a substantially similar security within 30 days (either before or after the sale). Basically, the IRS put this rule in place to prevent investors from using the loss as a tax deduction while maintaining their investment.
Now, it's time to kick back, relax, and listen to Jerry Mee, CFP®, CRC®, and BIF instructor, tell you what you need to know about wash sales in this episode of the BIF Bites Podcast, including:
The BIF Bites podcast covers topics that are important to those seeking CFP® certification, existing CFP® professionals, and anyone that wants to better understand the financial services industry in general.
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