ghostguy123
Footballguy
Zoom is dying.
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Stock Thread (41 Viewers)
- Thread starter St. Louis Bob
- Start date
I posted this in the personal finance thread, but it's really a stock question. Hoping somebody could review and provide some thoughts.
Hello - have a question on some stocks/taxes and looking for any pro's/con's:
This year, I have the following stock gains:
Short-term: $3,936.07
Long-term: $5,871.15
Is it safe to estimate that I will owe the following in taxes when I file in 2023?
Short-term: $3,936.07 *.35% = $1,377.60
Long-term: $5,871.15 *.15% = $881.00
Total Tax Bill (Stocks): $2,258.40
Is there anything in the above calculation that would be way off or would this be close to what I should expect?
Assuming the above is within line...
I have one stock that I completely missed on. A tech stock that has crashed by probably 80% on it's 52 week high. I still believe in the company, their quarterly earnings are actually solid, but they were way overvalued and I made a mistake.
I own 35 shares of this company, but 10 of them are very recent at 52 week lows.
My question for 16 of these shares.: They are are long-term shares now, but are down significantly and would probably take years, if ever, to come back from where they were. These 16 shares are currently down $4,132.63.
If I were to sell those 16 shares, can you explain how this would help me come tax time? Can I use this loss to "write-off" the tax gains? If so, how does that work? Can I apply any unused loss to future years?
Also, has mentioned, I recently bought 10 shares from this company. Is there any penalty with selling others? I wouldn't be able to buy for 30 days to avoid any tax penalties. Is that correct?
Bottom line - would selling the below make sense? If not, why? And...is my math right on the tax bill above?
Hello - have a question on some stocks/taxes and looking for any pro's/con's:
This year, I have the following stock gains:
Short-term: $3,936.07
Long-term: $5,871.15
Is it safe to estimate that I will owe the following in taxes when I file in 2023?
Short-term: $3,936.07 *.35% = $1,377.60
Long-term: $5,871.15 *.15% = $881.00
Total Tax Bill (Stocks): $2,258.40
Is there anything in the above calculation that would be way off or would this be close to what I should expect?
Assuming the above is within line...
I have one stock that I completely missed on. A tech stock that has crashed by probably 80% on it's 52 week high. I still believe in the company, their quarterly earnings are actually solid, but they were way overvalued and I made a mistake.
I own 35 shares of this company, but 10 of them are very recent at 52 week lows.
My question for 16 of these shares.: They are are long-term shares now, but are down significantly and would probably take years, if ever, to come back from where they were. These 16 shares are currently down $4,132.63.
If I were to sell those 16 shares, can you explain how this would help me come tax time? Can I use this loss to "write-off" the tax gains? If so, how does that work? Can I apply any unused loss to future years?
Also, has mentioned, I recently bought 10 shares from this company. Is there any penalty with selling others? I wouldn't be able to buy for 30 days to avoid any tax penalties. Is that correct?
Bottom line - would selling the below make sense? If not, why? And...is my math right on the tax bill above?
FreeBaGeL
Footballguy
Least shocking thing ever.
JB Breakfast Club
Footballguy
When in doubt, Zoom out.
I sold 83% of my shares at $570. Regret keeping any as I felt it was really frothy but bought it at $67 so can’t complain about it. I should have used that lesson on a few more stocks that I watched hit highs.
What a dog this thing's been.
Sand
Footballguy
I call ******** right here.
Sand
Footballguy
In general munis should be good for taxable. I don't really keep up with it except to know that default rates are very low, so they look safe. Return profile looks very similar to GVI. Most of my stuff if tax deferred, so that's why GVI and IEF.
Well, they probably (or definitely are not) stock gains from this year, but ones I have sold that are still way up, but did lose value this year.
I'm not a tax attorney, so don't take any of this as gospel, but here's what I think:
Yes on your rough estimate of your tax bill (assuming that you are in the top marginal tax bracket)
For your losses, if you bought some recently, wait 30 days to sell your losers, because otherwise it will be a wash sale, and you won't be able to deduct your losses. The prior losses will be factored into the cost basis of the stocks that you bought. If you wait the 30 days, the losses can offset your gains. If the losses are long-term losses, they'll offset your long-term gains (at least first). I'm not sure if you have carryover long-term losses whether you can use your long-term losses to offset your short-term gains, but you could probably google that pretty easily.
2Squirrels1Nut
Footballguy
Sold these at $3.38 for a $530 gain. I would have held longer but they have a new product release on 9/8 and it seems to always run up the two weeks prior.
2Squirrels1Nut
Footballguy
Jackson Hole on Friday. Anybody making a play around it?
I can’t wait until CV is out of their revenue because they don’t get credit for it just being extra cash and you can’t judge their core growth because it’s a lot of extra cash but it makes revenue appear to be declining. A bunch of stocks I’d love to just see 5 years from now and stop watching the ups and downs.
2Squirrels1Nut
Footballguy
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I heard on CNBC that the options action around that date is very muted so the feeling is that there will NOT be a big move. For whatever that is worth.
2Squirrels1Nut
Footballguy
Thanks GB!
The reason for the trade is I think some are optomistic of the possibility that the Fed is going to tap the brakes Friday and I don't think there's a chance of that. Tech would be the most adversely effected if they stay the course. It's just a hunch.
2Squirrels1Nut
Footballguy
Bought 5, 9/2/22, $42 UCO calls for $0.90.
Sometimes I don’t get it. CRM is getting crushed after beating Q2 numbers but lowering yearly numbers by the exact amount that they said was due to the dollar’s increase, meaning that all the international revenue is lower due to the exchange. NVDA missed already lowered Q2 numbers and lowered their Q3 way more than CRM % wise and NVDA is up.
ConstruxBoy
Kate's Daddy
Be careful?
Not an expert but I know people that do this for additional liquidity in order to buy real estate. All comes down to a lot of other types of debt, what are you using it for, how responsible are you with the money, what are your exit strategies in case things go south, etc.?
McBokonon
Footballguy
Who knows? If they sound more hawkish, stonks go up because they’re taking inflation seriously. Or, if they sound more hawkish, stonks go down because rates will be high. Or, if they sound more dovish, stonks go up because rates won’t be as high as feared. Or, if they sound more dovish, stonks go down because they aren’t taking inflation seriously.
Capella
Footballguy
2Squirrels1Nut
Footballguy
Sold these at $1.25 for a $225 loss.
stonks go down
Capella
Footballguy
What everybody knew. Have to keep combatting inflation.
Exactly. Seems like a short-term over-reaction. Buying GOOG and UPST on the dip.
2Squirrels1Nut
Footballguy
Fumbled this one. Premise was spot on but the market started coming back after Powell spoke. Live and learn.
This gives me some solice and much more meaningful
ghostguy123
Footballguy
This market is neat.
I am 100% cash in my "play" account right now after selling everything about a week ago.
Is it buying time?
I am 100% cash in my "play" account right now after selling everything about a week ago.
Is it buying time?
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Desert_Power
Footballguy
Nothing substantial IMO
Capella
Footballguy
Last 5 months has been buying time imo but at this point who can call it.
2Squirrels1Nut
Footballguy
Long term hold for me like AAPL. I'm never selling unless something really crazy happens.
2Squirrels1Nut
Footballguy
Add 3, 9/9/22 $40 UCO calls for $1.00
Leveraged ETFs really shouldn't be held for more than a couple of days, some would say hours, but feel comfortable here as unfortunately peace in the world is going in the wrong direction.
Sand
Footballguy
Sure - get a few billion, take loans against the stock portfolio, live a life of luxury with no taxes, then when you die your kids get the stocks at a stepped up basis. It's the FFA life du jour.
Sand
Footballguy
Bought some more DOW and LWB.
General Malaise
Footballguy
Bought more AMZN. I have no idea anymore.
It could be, but for now the market is saying that the rally that began in mid-June was the over-reaction.
Me neither, but we aren't the ones who move the market- obviously they didn't anticipate it.
Capella
Footballguy
They’ve been discussing this all week. Every article I read said this was likely to happen. This is just all Algo-based dumping.
