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re: Taxes. How do I minimize the pain?
Posted on 11/21/20 at 10:25 am to southernelite
Posted on 11/21/20 at 10:25 am to southernelite
Thanks for all of the info. I had suspicions about wash sales and quarterly taxes but my tax lady has been AWOL since May and I just learned from Facebook that she retired Quit.
She has not returned any of my phone calls.
I will be fine. Just need to find a reputable tax adviser.
And a shout out to those McNeese Cowboys.
She has not returned any of my phone calls.
I will be fine. Just need to find a reputable tax adviser.
And a shout out to those McNeese Cowboys.
This post was edited on 11/21/20 at 10:26 am
1
Posted on 11/21/20 at 11:14 am to 1234567k
Posted on 11/21/20 at 11:28 am to geauxpurple
quote:
If you are talking about this year, your tax rates have not gone up yet.
Yeah, that was the point at which I stopped reading his post. As for future changes, any chance of a tax law change depends heavily on the GA runoffs.
I’ll try to say this in a nice way, but people REALLY need to understand basic American civics before making posts that suggest that we have some sort emperor or dictator, instead of a president who can only act on what congress initiates and passes. I’m not trying to be offensive, but it gets old. Our system is heavily based on SPQR (Senatus Populusque Romanus) - and let’s hope that remains the case.
Posted on 11/21/20 at 11:49 am to LSURussian
quote:
Have you not been making quarterly estimated tax payments?
Good one, Russian.
Posted on 11/22/20 at 5:34 am to 1234567k
quote:
But i was just just hoping there was some way to delay the theft.
Yeah, file for an extension.
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 11/22/20 at 8:33 am to go ta hell ole miss
With the risk of being called a dinosaur, consider being an investor rather than a trader. Dividend stocks you hold give you tax advantages as the dividend tax rate may be less than your normal tax bracket. This will also help you to hold on to your investment(not speculation) for longer than a year making LT capital gains and tax advantages when you sell. If you rather use mutual funds, the same can be accomplished.
Posted on 11/22/20 at 9:15 am to 1234567k
here is the simplest and really only way to minimize capital gains taxes on successful stock purchases...
1) don’t sell them prior to the 12 month anniversary of your purchase
2) don’t sell them after that either
let your winners run (and keep feeding them) and kill your losers quickly. You should not be investing in equities money that you will need to extract in the short or near term. That’s the point of investing
if you are trading and not investing then short term capital gains taxes are the cost of doing business, and should be included in your trading strategy
1) don’t sell them prior to the 12 month anniversary of your purchase
2) don’t sell them after that either
let your winners run (and keep feeding them) and kill your losers quickly. You should not be investing in equities money that you will need to extract in the short or near term. That’s the point of investing
if you are trading and not investing then short term capital gains taxes are the cost of doing business, and should be included in your trading strategy
Posted on 11/22/20 at 9:29 am to 1234567k
Are you trading out of a regular brokerage account or an IRA? Big big difference re: wash sales
This post was edited on 11/22/20 at 9:31 am
Posted on 11/22/20 at 9:43 am to JLivermore
quote:
Are you trading out of a regular brokerage account or an IRA?
I sure hope he isn’t bitching about gains of any sort inside an IRA.
Posted on 11/22/20 at 3:26 pm to cgrand
quote:
here is the simplest and really only way to minimize capital gains taxes on successful stock purchases...
quote:
if you are trading and not investing then short term capital gains taxes are the cost of doing business, and should be included in your trading strategy
I am trading.
Not investing.
Now that I have something to protect, I will move toward investing and learning about all the tax laws and jargon.
I did know about the 401k route and did increase contributions to the max.
I did not know about the 12 month anniversary, long term vs short term gains.
Thanks for the education.
Posted on 11/22/20 at 3:37 pm to 1234567k
quote:
I am trading.
Not investing.
Here is a fairly useful article on Tax loss harvesting
But while trading, as said above, you’re going to be making regular income on the sales, for all intents and purposes. Uncle Sam rewards you in your risk by sharing some of your losses (see above). I understand Robin Hood does a decent job at helping you track this, but you need to keep track of all realized gains/losses.
Posted on 11/22/20 at 6:41 pm to JLivermore
quote:
re: wash sales
Wash sales aren’t really a big deal unless you’re trying to hold the position long term though right? As soon as you sell your original re-added wash sale would just get realized again
Posted on 11/23/20 at 2:56 pm to go ta hell ole miss
Trade often enough for your platform to designate a Pattern Day Trader...IRS Form 3115
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.
Posted on 11/26/20 at 6:39 pm to 1234567k
So federal monetary policy and stimulus to help stabilize markets and businesses and continuing cheap money provided you no help with market gains?? Maybe you should be happy to pay some taxes? Or learn how to take losses to offset gains in taxable accounts? Or only trade in tax sheltered in accounts.
Posted on 11/29/20 at 11:53 pm to jimbeam
Farms are a money pit, the actual tax saving for every dollar spent is subject to your tax rate.
Posted on 11/30/20 at 10:17 am to 1234567k
quote:
This is theft how much money the US will confiscate from me after I put my life savings at risk and managed to pick some winners this year.
The US government is literally the reason you are able to "pick up some winners" in the market. It's not theft, it's tax. It may feel like theft because you didn't plan ahead, but that's on you. Start putting money aside to cover it. You have several months before it's going to be due.
Posted on 11/30/20 at 10:33 am to lsujro
quote:
The US government is literally the reason you are able to "pick up some winners" in the market.
lol wut?
Posted on 11/30/20 at 12:04 pm to 1234567k
Are you a W-2 or a 1099?
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