Hi,
I have two online brokers & I want to close out my positions in one and switch to using a single vendor.
My question is this...
If I have 1000 shares in company A that I bought for €5 each in the account to be closed in broker 2, Cost 5K , they are now trading at €3 each, value 3K.
Can I buy 1000 shares in Company A for 3K in Broker 1, then (As in, after that trade), sell the 1000 shares in Broker 2 for a loss of 2k.
This would crystallize my loss at 2K, while allowing me to retain the same holding of 1000 shares.
Can I use that 2k loss to offset gains elsewhere in my portfolio.
Is this tax compliant?
It's more Breakfast & Bed rather than Bed & Breakfast.
Thanks in advance
Dingbat
I have two online brokers & I want to close out my positions in one and switch to using a single vendor.
My question is this...
If I have 1000 shares in company A that I bought for €5 each in the account to be closed in broker 2, Cost 5K , they are now trading at €3 each, value 3K.
Can I buy 1000 shares in Company A for 3K in Broker 1, then (As in, after that trade), sell the 1000 shares in Broker 2 for a loss of 2k.
This would crystallize my loss at 2K, while allowing me to retain the same holding of 1000 shares.
Can I use that 2k loss to offset gains elsewhere in my portfolio.
Is this tax compliant?
It's more Breakfast & Bed rather than Bed & Breakfast.
Thanks in advance
Dingbat