[chii]

In some jurisdictions (such as Australia), this is called a wash sale, and is illegal.

[ojbyrne]

The entire article is about wash sales, basically describing ways to circumvent the rules.

[merek]

The IRS will also reject the reported loss if it qualifies as a wash sale.

> You cannot deduct losses from sales or trades of stock or securities in a wash sale unless the loss was incurred in the ordinary course of your business as a dealer in stock or securities.

https://www.irs.gov/pub/irs-pdf/p550.pdf