Mr.and Mrs.Smith purchased 100 shares of stock for $45 per share on June 30,2011.On March 30,2018,the Smith family decides to sell these shares for $30 generating a loss of $15 per share.On April 15,2018,the Smith family realized they made a mistake and repurchased 100 shares for $35 per share.Can the Smith family deduct a long-term or short-term capital loss from the sale on March 30,2018? If not,will the Smiths ever receive a tax benefit for their loss?

Question

Quizplus · Accepted Answer

The Answer of Mr.and Mrs.Smith purchased 100 shares of stock for $45 per share on June 30,2011.On March 30,2018,the Smith family decides to sell these shares for $30 generating a loss of $15 per share.On April 15,2018,the Smith family realized they made a mistake and repurchased 100 shares for $35 per share.Can the Smith family deduct a long-term or short-term capital loss from the sale on March 30,2018? If not,will the Smiths ever receive a tax benefit for their loss?

MrAnd MrsSmith Purchased 100 Shares of Stock for $45 Per Share