RE:Can you be Long and Short on a stock at the same time withMy rough guess is this will not fly, even if you sell short in a separate "Short" brokerage account, or even if the "Short" account was at a different brokerage.
Reality is if you own say 1000 shares, "selling short" 1000 in another account means that economically you have no more CVE shares left. So you will have your capital gain.
It may be different if say your wife sold 1000 shares short in her account. But nne big risk with this may be that if your wife's short position makes money, her gain from the short position may not be looked at as a capital gain but could be fully taxed.
Google: gains from short sales