Hi all,
Just after some advice I'm aware or what share washing is, but just wondering if it would suit my situation.
The few stocks I down own I am currently down a large amount on (40-50%).
As tax time is not far away I am wondering would I benefit from washing? As in selling them off then instantly buying back? As from what I hear/understand this loss can then be deducted from my taxable income?
The only disadvantage I can see is that since I have held these shares for just over a year they currently fall into the smaller capital gains tax bracket, where as if I wash and re buy I will have to wait a year until the new shares fall back into that bracket?
Appreciate advice
Cheers
