Continued from 2007 ... GO DOW GO!!

[Wifey]

Now the question for you … do you think I actually lose the 1288$ ? Serious question and lesson ..It on previous posts ?

Without looking through them I'll guess - you lose the money invested but get to use it as a loss to offset any capital gains on taxes

 

[Wifey]

Well?? Did i get it or mangle it?

 

[VIPR PWR]

Without looking through them I'll guess - you lose the money invested but get to use it as a loss to offset any capital gains on taxes

If my profits are $5000 for the year and I take a loss on a sell for $6000 that means I’m $1000 in the red on my total profits which means your tax responsibility is negative and you won’t pay taxes on that $5000 profit .. this is adjusted on your account to show it . Then since the IRS allows upto $3000 of loss write offs per year then that negative $1000 is a deduction on your taxes also one your basic taxed income .. I think cap gains have a slightly different rule to deduct it all . Need to check on that ..

I think I said that right lol .. I use Turbo and let them do the calculations..

 

[Wifey]

So i got it!

 

[VIPR PWR]

Well?? Did i get it or mangle it?

I think you get the basic idea .. but there is more to it .. it is taxes and the IRS rules that can confuse people .

A trick investors do at the end of the year is to dump crappy investments to minimize their profits .. the bigs automatically do it every year . It lower the tax responsibility and you still make money and get a bonus to carry over the losses at 3k per year .. so it actually pays in the short and long run ..

 

[Wifey]

It's not a total loss because it offsets the gains.

Wash sales increase the cost basis of the shares you repurchase of a same stock when it's repurchased within 31 days of the sale that was a loss. That is brutal since you get another wash if you sell for less than that adjusted cost basis. They think of it all hahahaha

 

[Wifey]

I think you get the basic idea .. but there is more to it .. it is taxes and the IRS rules that can confuse people .

A trick investors do at the end of the year is to dump crappy investments to minimize their profits .. the bigs automatically do it every year . It lower the tax responsibility and you still make money and get a bonus to carry over the losses at 3k per year .. so it actually pays in the short and long run ..

Is that tax harvesting?

 

[VIPR PWR]

It's not a total loss because it offsets the gains.

Wash sales increase the cost basis of the shares you repurchase of a same stock when it's repurchased within 31 days of the sale that was a loss. That is brutal since you get another wash if you sell for less than that adjusted cost basis. They think of it all hahahaha

Correct .. I found that out the hard way ..live and learn .

 

[VIPR PWR]

Is that tax harvesting?

Yes .. in a nut shell

 

[VIPR PWR]

Yes .. in a nut shell

I don’t use the tax harvesting capability on the brokerage ..
I do my own intentionally if I feel the need based on EOY profits

 

[VIPR PWR]

I’m waiting since CMG earnings are coming up .. we will see how the reaction comes out and I’m hoping we see a decent ER .. I may sell but I’m doubtful it will move strong enough .

 

[Wifey]

I’m waiting since CMG earnings are coming up .. we will see how the reaction comes out and I’m hoping we see a decent ER .. I may sell but I’m doubtful it will move strong enough .

Green sauce!! We need green sauce!

 

[VIPR PWR]

Green sauce!! We need green sauce!

Isn’t that $20 ala cart at the poison palace lol

 

[Wifey]

Isn’t that $20 ala cart at the poison palace lol

should be for the price! I may have to try their burritos

 

[VIPR PWR]

should be for the price! I may have to try their burritos

Should help on the revenue at Earnings lol

 

[Wifey]

Got my 10.00 gift card Fetch this is my second time so it's worth using. I don't buy what i don't need and once you get used to the app you can plan the buys lol

 

[VIPR PWR]

Got my 10.00 gift card Fetch this is my second time so it's worth using. I don't buy what i don't need and once you get used to the app you can plan the buys lol

Cool .. and use receipts you find works lol

 

[VIPR PWR]

Got my 10.00 gift card Fetch this is my second time so it's worth using. I don't buy what i don't need and once you get used to the app you can plan the buys lol

And remember Amazon event is going on now lol

 

[Wifey]

Cool .. and use receipts you find works lol

Why not!

 

[VIPR PWR]

Why not!

There is no not lol I do it .. Walmart is a great place to find them in the shopping cart or on the ground lol