Stock sale and 2021 Taxes plus Selling Other Shares to Offset Gains
I sold a few shares of stock this year. I subtracted what I paid for the shares versus their sale price (all shares had been purchased at the same time). I believe this is the adjusted cost basis. Is there anything else I need to factor in to report this on 2021 taxes. Also, to offset the gain of approximately $1600, should I sell another stock that hasn’t gone above what I purchased those shares for? Thank you!
Terry Says
If you have another stock with a loss, and don’t want to pay taxes on this gain, then you can sell it at a loss and offset the gains. But beware, you can’t purchase the other stock back within 31 days of selling to avoid the loss being disallowed under the “wash sale” rule.
