harvesting a capital loss in the U.S.
I have a plot of land that has gone down in value significantly since purchase. There are similar plots of land in the area for sale right now. I'm wondering if I could try selling mine at a huge loss, and then turn around and buy one of the other plots of land 30 days later. Would that allow me to book a capital loss and avoid the wash-sale rule. Am I correct in thinking real estate is even subject to wash-sale rules?
Thanks.
I have a plot of land that has gone down in value significantly since purchase. There are similar plots of land in the area for sale right now. I'm wondering if I could try selling mine at a huge loss, and then turn around and buy one of the other plots of land 30 days later. Would that allow me to book a capital loss and avoid the wash-sale rule. Am I correct in thinking real estate is even subject to wash-sale rules?
Thanks.
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