stock market and tax gurus - GoFuckYourself.com

MrIzzz · 12-23-2004, 09:24 PM

next week, can i sell off some of my bad performing stock and claim it as a loss before january 1st? or is it too late for end of the year moves?

xclusive · 12-23-2004, 09:25 PM

It should be fine but ask your stock guy I believe that as long as it is before midnight new years eve it's all good...

MrIzzz · 12-23-2004, 09:27 PM

Quote:

Originally Posted by xclusive

It should be fine but ask your stock guy I believe that as long as it is before midnight new years eve it's all good...

word. i'm checking to see which tax bracket i fall in, soooo, i'm assessing the pros and cons of dumping off some of my sorry ass stocks.

abyss_al · 12-23-2004, 09:27 PM

before midnight = in the clear

MrIzzz · 12-23-2004, 09:29 PM

Quote:

Originally Posted by abyss_al

before midnight = in the clear

holla holla holla

this is good news to me, now i have to decide which day to dump it

2HousePlague · 12-23-2004, 09:32 PM

It's all about SETTLEMENT DATE.

Your trade must settle this year.

Trust me, I'm a former broker... uuuhh... I mean, believe me, I know what I'm talking about.

j-

ytcracker · 12-23-2004, 09:34 PM

you have to settle this year
edit: didnt even notice wtf guy said above me sorry

MrIzzz · 12-23-2004, 09:35 PM

Quote:

Originally Posted by 2HousePlague

It's all about SETTLEMENT DATE.

Your trade must settle this year.

Trust me, I'm a former broker... uuuhh... I mean, believe me, I know what I'm talking about.

j-

word

then if the market is open tomorrow, i'll look at my portfolio and see which to dump as to do this sooner than later

abyss_al · 12-23-2004, 09:37 PM

Quote:

Originally Posted by MrIzzz

holla holla holla

this is good news to me, now i have to decide which day to dump it

yeah... do it ASAP... it's gotta go through this year

azguy · 12-23-2004, 10:46 PM

Quote:

Originally Posted by ytcracker

you have to settle this year
edit: didnt even notice wtf guy said above me sorry

Must settle this year.

edit: I saw what all the others said but wanted to seem knowledgeable as well.

azguy · 12-23-2004, 10:47 PM

Quote:

Originally Posted by MrIzzz

word

then if the market is open tomorrow, i'll look at my portfolio and see which to dump as to do this sooner than later

Dump em all and stock up on MTSX

2HousePlague · 12-23-2004, 10:50 PM

Quote:

Originally Posted by azguy

Must settle this year.

edit: I saw what all the others said but wanted to seem knowledgeable as well.

Go easy, little guy -- we already liked you and thought you clever. You don't need to kow-tow at EVERY opportunity.

j-

azguy · 12-23-2004, 10:51 PM

Quote:

Originally Posted by 2HousePlague

Go easy, little guy -- we already liked you and thought you clever. You don't need to kow-tow at EVERY opportunity.

j-

pornguy · 12-23-2004, 10:58 PM

You can only deduct the difference. But if the stock is removed from the exchange, then it is a total loss and the amount is what you paid.

MrIzzz · 12-23-2004, 11:00 PM

Quote:

Originally Posted by pornguy

You can only deduct the difference. But if the stock is removed from the exchange, then it is a total loss and the amount is what you paid.

very true, i misworded my original post. a few years ago i did the same thing where i sold off a number of stocks and declared the difference as a loss

. it saved me from hitting the next tax bracket

paxton · 12-23-2004, 11:09 PM

Quote:

Originally Posted by MrIzzz

next week, can i sell off some of my bad performing stock and claim it as a loss before january 1st? or is it too late for end of the year moves?

You can sell your stock provided you execute the trade before the final session of 2004. It's not settlement date that matters here (it used to be) but the date the trade was recorded (actually made).

If the sale of your stock results in a short term (ST) realized loss, you can deduct all of that to offset any ST realized gains from other sales in 2004. If you have more losses than gains, you can use up as much of the gains you have and carry over the rest to future tax years. You can also use $3,000 of the loss to offset your ordinary income for 2004.

Keep in mind to use the loss you can't purchase the stock within 30 days of the sale (both before the sale and after). Otherwise your actions would result in a wash sale and the loss could not be deducted.

paxton · 12-23-2004, 11:17 PM

Quote:

Originally Posted by 2HousePlague

It's all about SETTLEMENT DATE.

Your trade must settle this year.

Trust me, I'm a former broker... uuuhh... I mean, believe me, I know what I'm talking about.

j-

Wrong. Settlement date only applies to covering a short sale.

I've been a portfolio manager too long and had this question come up too many times. But I think even Yahoo can answer this question:

http://taxes.yahoo.com/guide/buystock/lastday.html

MrIzzz · 12-23-2004, 11:20 PM

Quote:

Originally Posted by paxton

You can sell your stock provided you execute the trade before the final session of 2004. It's not settlement date that matters here (it used to be) but the date the trade was recorded (actually made).

If the sale of your stock results in a short term (ST) realized loss, you can deduct all of that to offset any ST realized gains from other sales in 2004. If you have more losses than gains, you can use up as much of the gains you have and carry over the rest to future tax years. You can also use $3,000 of the loss to offset your ordinary income for 2004.

Keep in mind to use the loss you can't purchase the stock within 30 days of the sale (both before the sale and after). Otherwise your actions would result in a wash sale and the loss could not be deducted.

excellent. thx for that. i didnt know about the 30 day waiting period

I Like Chocolate · 12-23-2004, 11:47 PM

I concur with paxton

paxton · 12-23-2004, 11:55 PM

Quote:

Originally Posted by MrIzzz

excellent. thx for that. i didnt know about the 30 day waiting period

I like to consider the "Wash Sale" period as a 61-Day period: the 30 days before the sale, plus the day of the actual sale, plus the 30 days following the sale.

12-23-2004, 09:24 PM	#1
MrIzzz If u touch it, I will cum Join Date: Sep 2003 Location: long island Posts: 22,923	stock market and tax gurus next week, can i sell off some of my bad performing stock and claim it as a loss before january 1st? or is it too late for end of the year moves? __________________ WHO WANTS TO PLAY GRAB-ASS?

12-23-2004, 09:25 PM	#2
xclusive Too lazy to set a custom title Join Date: Apr 2004 Location: Buffalo, NY Posts: 35,218	It should be fine but ask your stock guy I believe that as long as it is before midnight new years eve it's all good... __________________ I support MediumPimpin.com / Shemp's Outlawtgp.com /

12-23-2004, 09:27 PM	#4
abyss_al LOOKING FOR TRADES Join Date: Oct 2003 Location: Southern California Posts: 15,605	before midnight = in the clear __________________ EMAIL: allen @ vasmediagroup.com \| ICQ: 311329761 \| SKYPE: abyss.al \| AIM: xABYSSxALx

12-23-2004, 09:32 PM	#6
2HousePlague CURATOR Join Date: Jul 2004 Location: the attic Posts: 14,572	It's all about SETTLEMENT DATE. Your trade must settle this year. Trust me, I'm a former broker... uuuhh... I mean, believe me, I know what I'm talking about. j- __________________ tada!

12-23-2004, 09:34 PM	#7
ytcracker stc is the greatest Join Date: Dec 2002 Location: rip sean murray Posts: 12,403	you have to settle this year edit: didnt even notice wtf guy said above me sorry __________________ www.ytcracker.com \| www.digitalgangster.com i love you

12-23-2004, 10:58 PM	#14
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	You can only deduct the difference. But if the stock is removed from the exchange, then it is a total loss and the amount is what you paid. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

12-23-2004, 11:47 PM	#19
I Like Chocolate Confirmed User Join Date: Dec 2004 Posts: 821	I concur with paxton