I received an inheritance via transfer-in-kind of shares of 6 individual stocks. Some of the stocks are not doing well and I’m more of a mutual fund/ETF set it and forget it investor. I’d like to sell most of the individual stocks, but I’m trying to minimize the tax hit.
Here’s what I’m holding:
BRK - +$14.5k gain
CVX - $0 gains
LLY - -$4.4k loss
MDT - +$4 gain
SRDX - -$3.8k loss
VZ - $0 gains
Can I sell off the MDT and SRDX at a loss, sell some BRK at enough capital gains to net zero, and then immediately buy BRK back with a higher cost basis?
I know selling at a loss and rebuying is a wash sale? But can I lock in gains and up my cost basis?