Hi guys,
I always appreciate the knowledge you all share. I thought this question would have been asked before but I couldn't find any hits on my searches so I apologise if it has been answered already.
I'm carrying a loss on an off-shore investment fund from 3 years ago. I want to sell another similar fund that's in profit to awash the gain it currently has. I know I need to finalise this before the year's end or I'll lose the ability to write off the gain with the previous loss.
This is the delema, I don't really want to sell, so I wonder if it is possible to sell and then repurchase on the same day. I don't know if the fund is accepting of this, and it'll probably cost me 1% or so in the difference of the buy/sell rate. I just want to claim the gain to write off the previous loss. Most other countries don't accept this practice unless you leave the repurchase for a month or so. How does the NTA judge this?
Many thanks for viewing my post.
Selling a gain to awash a tax loss
Re: Selling a gain to awash a tax loss
This was discussed in another thread the other day.
See my comment here, and subsequent responses
viewtopic.php?p=26840&hilit=tax+loss+harvest#p26840
See my comment here, and subsequent responses
viewtopic.php?p=26840&hilit=tax+loss+harvest#p26840
:
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
-
Snowmonkey
- Newbie
- Posts: 15
- Joined: Tue Feb 11, 2020 2:09 pm
Re: Selling a gain to awash a tax loss
Thank you Tkydon. I read though the link but it didn't really answer my question. I already have a tax loss and wish to use that against a gain I'm carrying for this year. What I want to know is can I sell the gain, then repurchase immediately or do I need to wait for a period?Tkydon wrote: ↑Mon Dec 19, 2022 3:14 am This was discussed in another thread the other day.
See my comment here, and subsequent responses
viewtopic.php?p=26840&hilit=tax+loss+harvest#p26840
Re: Selling a gain to awash a tax loss
viewtopic.php?p=27422#p27422
According to the man at the Tax Soudan Center Telephone Hot line in English at 03-3821-9070, there is no such rule in Japan. (In US, it's 30 days...)
You can sell the shares of Company A in the morning, realize the tax loss, or gain, for Tax Loss Harvesting, and repurchase the same shares of Company A in the afternoon with no restriction...
According to the man at the Tax Soudan Center Telephone Hot line in English at 03-3821-9070, there is no such rule in Japan. (In US, it's 30 days...)
You can sell the shares of Company A in the morning, realize the tax loss, or gain, for Tax Loss Harvesting, and repurchase the same shares of Company A in the afternoon with no restriction...
:
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
-
Snowmonkey
- Newbie
- Posts: 15
- Joined: Tue Feb 11, 2020 2:09 pm
Re: Selling a gain to awash a tax loss
Cheers again Tkydon. That's what I've heard also...I'll read through the link you attached.Tkydon wrote: ↑Mon Dec 19, 2022 5:33 am viewtopic.php?p=27422#p27422
According to the man at the Tax Soudan Center Telephone Hot line in English at 03-3821-9070, there is no such rule in Japan. (In US, it's 30 days...)
You can sell the shares of Company A in the morning, realize the tax loss, or gain, for Tax Loss Harvesting, and repurchase the same shares of Company A in the afternoon with no restriction...