If a taxpayer sells stock or a security for a loss and buys identical stock or security back within 30 days before or after the sale date, the loss can not be claimed for tax purposes. The disallowed amount is added to the cost of the new stock which can be claimed when it gets finally disposed of. If a portion of the stock sold is bought back, then only that portion is not allowed.
On the other hand, selling stock for a gain and rebuying it, you still must report the gain.
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