I just got the word of verification from several sources concerning the advice I provided in my posting "A TAX PLANNING OPPORTUNITY".
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One of my sources, the NATP research department, told me -
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"There is no reason a person in the 10% or 15% tax bracket cannot sell stock for a capital gain that is taxed at 0% and then buy it back the next day for a tax-free step-up in basis. The wash sale rules only apply to losses, not gains. It is a good strategy for taxpayers in the lower income tax brackets."
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TTFN
PS - Todays question as ASK THE TAX PRO concerns filing a new W-4 now for a wedding scheduled for later in the year. You should also check out my "ramblings" in today's post at ANYTHING BUT TAXES.
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