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Author Topic: Sell note in one account, buy in another?

s
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Sell note in one account, buy in another?
OP: December 10, 2016, 12:00:00 AM
Can you list a note for sale in one account and then purchase the note in another?

I'm in the midst of opening an LC IRA today for the first time. I was thinking that if this were possible, one would be able to move notes behind on payments to a taxable account from their IRA. Then when the note is written off, you'd be able to deduct the capital loss but still protect the ordinary income from performing notes in the IRA.

I assume that either the Folio platform prohibits this or the strategy I described is illegal, but I couldn't manage to find info telling me one way or another. Thoughts?
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y
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Sell note in one account, buy in another?
#1: December 11, 2016, 12:00:00 AM
Search the forum. It's been covered many times.
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D
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Sell note in one account, buy in another?
#3: December 11, 2016, 12:00:00 AM
Sounds like a wash sale.
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Sell note in one account, buy in another?
#4: December 11, 2016, 12:00:00 AM
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