Wash Sale Rule concerning ETFs

[MoobyTheGoldenCalf]

As far as the Wash Sale Rule is concerned, are ETFs like SPY / DIA / QQQQ or sector SPDRs considered to be "substanially identical securities"?

Right now, I'm sitting on a loss of about $2k in SPYs. Can I sell them, then immediately buy DIA and still be able to claim the loss? Or would that be considered a wash?

 

[JohnCU]

i have no idea what any of that means

 

[MoobyTheGoldenCalf]

Originally posted by: JohnCU
i have no idea what any of that means

I'm talking about selling stocks. If you own stock XYZ, sell it for a loss and then buy it back within 30 days, it's considered a Wash Sale and you aren't allowed to deduct the loss. This rule applies for any "substantially identical security". I can't find a hard definition or yes/no on whether this rule also applies to ETFs that cover basically the same sector.

 

[DaveSimmons]

I'm not CPA but:

ETF != ETF unless they are the same index, so QQQ != SPY, but SPY == VFINX.

It's a grey area if 2 funds/ETFs are very similar (e.g. 2 emerging market ETFs).

 

[puffff]

seeing as how one ETF is not directly convertible to another ETF, i don't think the wash rule would be triggered.

 

[zzuupp]

Originally posted by: DaveSimmons
I'm not CPA but:

ETF != ETF unless they are the same index, so QQQ != SPY, but SPY == VFINX.

It's a grey area if 2 funds/ETFs are very similar (e.g. 2 emerging market ETFs).

This is my understanding as well.
I'm also not a CPA & I did not sleep at a holiday inn express.