Friday, May 30, 2008
I WAS RIGHT!
I just got the word of verification from several sources concerning the advice I provided in my posting "A TAX PLANNING OPPORTUNITY".
One of my sources, the NATP research department, told me -
"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."