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?

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.

before midnight = in the clear :banana

holla holla holla

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

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-

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

word :thumbsup

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

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

Must settle this year.

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

Dump em all and stock up on MTSX :2 cents:

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


j-

:thumbsup :playboy

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 :thumbsup. it saved me from hitting the next tax bracket

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.

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

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

I concur with paxton

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. :xmas-smil