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re: Taxes. How do I minimize the pain?
Posted on 11/21/20 at 8:08 am to southernelite
Posted on 11/21/20 at 8:08 am to southernelite
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If you are sitting on any losing positions, dump them (and don’t buy them again for 30 days or you’ll be in for even bigger surprises).
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Could someone please elaborate on this statement? what's the surprise?
If you are sitting on any losing positions, dump them (and don’t buy them again for 30 days or you’ll be in for even bigger surprises).
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Could someone please elaborate on this statement? what's the surprise?
1
Posted on 11/21/20 at 10:23 am to VanJoe
quote:
Could someone please elaborate on this statement? what's the surprise?
It becomes a wash sale if you purchase a stock back within 30 days. You no longer get to count the previous loss on your taxes. Worst of both worlds because if you have a gain you do have to pay taxes on the gain. Ouch!
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