June Tax Tip

If you are selling stocks or other securities to claim the tax loss, remember the wash sale rules. These rules require you to wait for more than 30 days before you buy back the stock or you will lose the loss deduction.

The wash sale rule does not apply to mutual funds as long as you buy a completely different fund (it can be similar as long as it is not the same). Also, these rules do not apply to gains (you can repurchase the same stock as long as you have a gain).