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Quick Tax Question
Posted on 12/8/14 at 9:34 am
Posted on 12/8/14 at 9:34 am
looking into dropping some mistakes from my portfolio to help with taxes, but wanted to make sure i do it correctly.
Say my annual realized gains are $10,000 short term and $3,000 long term. Would i then be looking to sell UNrealized gains of $10,000 short term and $3,000 long term.
all in theory of course.
also any good links you have to read would work.
TIA
Say my annual realized gains are $10,000 short term and $3,000 long term. Would i then be looking to sell UNrealized gains of $10,000 short term and $3,000 long term.
all in theory of course.
also any good links you have to read would work.
TIA
2
Posted on 12/8/14 at 10:09 am to donRANDOMnumbers
If you have $10,000 in realized short term gains, they would need to be netted against short term losses. The same would apply for the long term gains.
I'm not sure what you are getting at with the unrealized gains as those are not taxed until they become realized.
I'm not sure what you are getting at with the unrealized gains as those are not taxed until they become realized.
Posted on 12/8/14 at 10:45 am to donRANDOMnumbers
You net your ST gains and losses against each other
You net your LT gains and losses against each other.
You then end up with one ST and one LT number.
If they are both positive, you pay LT tax on the LT gains and ST tax on the ST gains.
If they are both negative, you use up ST losses first, then LT losses next, until you hit $3,000, and the rest gets carried forward to the next year.
If LT is positive and ST is negative, you net the two together and pay LT tax on the net.
If ST is positive and LT is negative, you net the two together and pay ST tax on the net.
So you just need $13,000 in unrealized losses. Doesn't matter if the losses are ST or LT.
You net your LT gains and losses against each other.
You then end up with one ST and one LT number.
If they are both positive, you pay LT tax on the LT gains and ST tax on the ST gains.
If they are both negative, you use up ST losses first, then LT losses next, until you hit $3,000, and the rest gets carried forward to the next year.
If LT is positive and ST is negative, you net the two together and pay LT tax on the net.
If ST is positive and LT is negative, you net the two together and pay ST tax on the net.
So you just need $13,000 in unrealized losses. Doesn't matter if the losses are ST or LT.
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