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Message
re: Taxes. How do I minimize the pain?
Posted on 11/21/20 at 8:19 am to southernelite
Posted on 11/21/20 at 8:19 am to southernelite
quote:
I’m assuming you’re taking some big ST capital gains. 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).
I have dumped them. But please explain the surprises.
I still have a position in a stock that made and lost a lot of cash but it has made more than it lost. Should I sell before Dec 1st?
4
Posted on 11/21/20 at 8:41 am to 1234567k
quote:You might want to read up on wash sale
I still have a position in a stock that made and lost a lot of cash but it has made more than it lost.
Posted on 11/21/20 at 9:30 am to 1234567k
Wash sale rule. If you sell for a loss and rebuy the same stock within 30 days then you can't claim the loss for tax purposes. If you want to reduce your taxable income for the year contribute to a traditional IRA, contribute to your children's 529 plan up to the taxable deduction limit. Increase your pretax 401k contributions. Short term capital gains are taxed at your current tax bracket so anything you can do to reduce your "taxable income" will help.
This post was edited on 11/21/20 at 9:34 am
Posted on 11/22/20 at 8:23 am to 1234567k
quote:
I still have a position in a stock that made and lost a lot of cash but it has made more than it lost. Should I sell before Dec 1st?
Goodness.
What is your goal?
How did you both make a lot and lose a little? Did you buy—> sell gain—> rebuy—-> sell loss, or are you talking about an unrealized skyrocket in value that crashed but is now a bit higher than your cost basis?
What is an arbitrary date to sell supposed to accomplish for you ? lock in this year’s short term gain rate instead of next year’s?
Posted on 11/26/20 at 7:40 am to 1234567k
quote:
have dumped them. But please explain the surprises.
I still have a position in a stock that made and lost a lot of cash but it has made more than it lost. Should I sell before Dec 1st?
Does December 1 have significant ramifications? It'll be here Tuesday.
I've got one loser that could help me tax-wise. If only I had a crystal ball.
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