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24,844,086 Views | 233506 Replies | Last: 23 min ago by Red Pear Luke (BCS)
Mostly Foggy Recollection
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5:48p, 3/31/21
I'd also argue nothing about this market makes sense.

It's like it's on cocaine and ketamine at the same time. Which dose is stronger before the fatal heart attack sets in and we really have a once in a generation reset.... I'm not forecasting that this year necessarily.

But with the clowns in DC anything is possible.
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Carlo4
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5:53p, 3/31/21
AG
Word to the wise of newbie investors (I learned this last year, but thankfully not even close). Here's a guy that owes $800,000 in taxes on $45,000 in profits due to the wash sale rule.

https://www.forbes.com/sites/shaharziv/2021/03/26/robinhood-trader-may-face-800000-tax-bill/?sh=6c7c820b67c7

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Jet Black
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In reply to Carlo4 • 6:05p, 3/31/21
That seems like an extreme situation. How do you open an account with $30k and do over $45 million in trades?

I'm not sure I understand this stupid rule. So you sell at a loss. Then you buy back into the same stock before 30 days elapse. You can't take the loss but how is it a hit on your taxes if you continue to hold? What if you sell again and it's still a loss? Or if you sell and it's a gain?
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FJ43
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In reply to BrokeAssAggie • 6:10p, 3/31/21
CrazyRichAggie said:
Agsrback12 said:
Is MBIO done?


It's a long term play. I think lots have this in a retirement account.
I started adding more shares again on the double bottom $3 range. I have this in a ROTH.
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FJ43
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6:18p, 3/31/21

ARK Today

BFLY....anyone in this. That's a buy.










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Irish 2.0
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In reply to FJ43 • 6:22p, 3/31/21
Was some massive call buys on BFLY today.
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Charismatic Megafauna
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In reply to Carlo4 • 6:23p, 3/31/21
AG
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?
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Irish 2.0
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In reply to Charismatic Megafauna • 6:26p, 3/31/21
NRD09 said:
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?


I think he inputed the 1099 wrong on TurboTax
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Jet Black
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6:29p, 3/31/21
So if you buy at $20, sell at $10, buy back in at $9 and then sell at $12, you have a tax bill on the $3 gain even though overall it's a loss, which you can't use until the next year? Confusing.
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FJ43
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In reply to Irish 2.0 • 6:32p, 3/31/21
Irish 2.0 said:
Was some massive call buys on BFLY today.

Might be worth a shares or options play to follow. Didn't look at the chart other than quickly on my phone. Guess I'll check it out early in the morning.
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Charismatic Megafauna
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In reply to Jet Black • 6:44p, 3/31/21
AG
I think if a loss is disallowed due to wash sale you can't ever use it
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wjbrown88
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In reply to Irish 2.0 • 6:59p, 3/31/21
Irish 2.0 said:
NRD09 said:
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?


I think he inputed the 1099 wrong on TurboTax
This must be what happened.

Sounds like the article's author has no idea what they're talking about (pretty much a theme I see in 99% of media now), and/or wrote a clickbait article, and the trader has no idea what he's doing.
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fightintxag13
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7:17p, 3/31/21
AG


For those like me that are bagholding XL.

Pretty sure I'm cutting bait on it.
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Jet Black
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In reply to Charismatic Megafauna • 7:21p, 3/31/21
If you repurchase the stock in the 30 day window the loss is added to your cost basis, so it isn't technically disallowed is it? It's realized when you sell the investment.
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fightintxag13
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7:21p, 3/31/21
AG
Aaaaaannnndddd there's Class Action Lawsuits being filed against XL now. I'm done. Time to harvest a loss.
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Jet Black
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In reply to fightintxag13 • 7:26p, 3/31/21
fightintxag13 said:
Aaaaaannnndddd there's Class Action Lawsuits being filed against XL now. I'm done. Time to harvest a loss.


Got out a few days ago at $9.57. What a pos.
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Red Rover
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In reply to wjbrown88 • 7:27p, 3/31/21
AG
About fifteen years ago I received a letter from the IRS stating I owed more than $90k in unreported short term gains from my at that time small trading account. They supplied "proof" from Fidelity showing my trading activity. After I finished laughing I wrote them a letter to inform them they had calculated this in error and that my year end filing was indeed accurate. I received a response demanding that I show proof that they made an error. I sent an extremely condescending letter explaining basic tax laws, how to calculate short term gains for tax purposes, and the fact that gains not total gross sales were taxed. They sent me a letter apologizing and thanking me for my time.
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Jet Black
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In reply to Jet Black • 7:27p, 3/31/21
Jet Black said:
If you repurchase the stock in the 30 day window the loss is added to your cost basis, so it isn't technically disallowed is it? It's realized when you sell the investment.


And could you turn right around and sell it for the second time and realize the whole gain?
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FTAG 2000
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In reply to FTAG 2000 • 7:45p, 3/31/21
AG
AG 2000' said:
Anyone else in Ion ($IO)?

Did you get a notification like this?


Quote:

Latest Update:03/30/2021 12:51 PM ET
CUTOFF DATE: 04/07/2021 7:00 PM ET
EXPIRATION DATE: 04/08/2021 1:00 PM ET
*** This offer is for holders electing to exercise for common stock. ***

ION Geophysical Corporation has announced a non-transferable rights offering
for the holders of their common shares.

You received (1) right for every (1) share you held as of the record date,
03/22/2021.

Each right will entitle a holder to purchase the following:

(i) a principal amount of 8.00% Senior Secured Second Priority Convertible
Notes due 2025 equal to $50,000,000 divided by the number of shares of
the company's common stock outstanding as of the record date, at a
purchase price of 100% of the principal amount thereof.
or:

(ii) a number of shares of common stock equal to $50,000,000 divided by
the purchase price of $2.57 per share divided by the number of shares of
the company's common stock outstanding as of the record date, at a
purchase price of $2.57 per whole share of common stock.

If you exercise all of your allocated rights, you have the opportunity to
oversubscribe for additional shares, subject to availability and proration.

Holders should note that notes will only be issued in minimum increments of
$1,000 and any exercise of rights therefor will be rounded down to the nearest
whole increment of $1,000 and any shares of common stock will only be issued in
whole numbers of shares with any fractional shares of common stock rounded
down to the nearest whole share.

Pursuant to the terms of this rights offering, the rights may be exercised for
a maximum of $52,500,000 of notes and common stock.


Bumping this, anyone have any input?
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Charismatic Megafauna
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In reply to Jet Black • 7:54p, 3/31/21
AG
Jet Black said:
Jet Black said:
If you repurchase the stock in the 30 day window the loss is added to your cost basis, so it isn't technically disallowed is it? It's realized when you sell the investment.


And could you turn right around and sell it for the second time and realize the whole gain?

Yeah exactly, the whole deal with the wash sale rule is that when you sell at a loss and rebuy within 30 days you can't use that loss to offset gains realized in other equities, so a wash sale forces you to lump your buys and sells of the same equity within that time period for calculating basis and gain.
*my understanding. Not a tax professional (obviously)
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wjbrown88
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In reply to Red Rover • 7:57p, 3/31/21
Red Rover said:
About fifteen years ago I received a letter from the IRS stating I owed more than $90k in unreported short term gains from my at that time small trading account. They supplied "proof" from Fidelity showing my trading activity. After I finished laughing I wrote them a letter to inform them they had calculated this in error and that my year end filing was indeed accurate. I received a response demanding that I show proof that they made an error. I sent an extremely condescending letter explaining basic tax laws, how to calculate short term gains for tax purposes, and the fact that gains not total gross sales were taxed. They sent me a letter apologizing and thanking me for my time.
Unbelievable lol
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RigsTx
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In reply to Red Rover • 8:01p, 3/31/21
AG
Red Rover said:
About fifteen years ago I received a letter from the IRS stating I owed more than $90k in unreported short term gains from my at that time small trading account. They supplied "proof" from Fidelity showing my trading activity. After I finished laughing I wrote them a letter to inform them they had calculated this in error and that my year end filing was indeed accurate. I received a response demanding that I show proof that they made an error. I sent an extremely condescending letter explaining basic tax laws, how to calculate short term gains for tax purposes, and the fact that gains not total gross sales were taxed. They sent me a letter apologizing and thanking me for my time.


They were just getting you ready for Biden's new tax plan.
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McInnis 03
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In reply to Irish 2.0 • 8:18p, 3/31/21
AG
Irish 2.0 said:
NRD09 said:
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?


I think he inputed the 1099 wrong on TurboTax


About 15 years ago, early in my trading I "auto loaded" from TDA into TurboTax. My tax burden went through the roof. A terrifying number.

I eventually looked closer and realized TT didn't pull the cost basis of any trade, only final value.

I manually entered the numbers and things got much better
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***

B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
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Brian Earl Spilner
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8:30p, 3/31/21
AG
Roku getting ready to run in April, methinks.
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Rice and Fries
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In reply to Brian Earl Spilner • 8:32p, 3/31/21
Brian Earl Spilner said:
Roku getting ready to run in April, methinks.


Here I am thinking of selling my Roku and GBTC (just part) to buy $15,000 worth of Microsoft.

Tough choices. Tough choices.
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Mostly Foggy Recollection
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In reply to Red Rover • 8:39p, 3/31/21
There's another poster here that got the exact same letter. The letter stated he owed based of total sells and not profit.

Clown organization that needs to be ended.
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OutlawAG04
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In reply to fightintxag13 • 8:42p, 3/31/21
fightintxag13 said:


For those like me that are bagholding XL.

Pretty sure I'm cutting bait on it.


As a fellow bag holder, aren't most on this board looking at this one as more of a long term play? I know SPACs in general are getting beat to hell. XL remains pretty cash heavy. May have to exit and wait for some kind of reversal on better guidance.
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Red Rover
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In reply to wjbrown88 • 8:44p, 3/31/21
AG
wjbrown88 said:
Red Rover said:
About fifteen years ago I received a letter from the IRS stating I owed more than $90k in unreported short term gains from my at that time small trading account. They supplied "proof" from Fidelity showing my trading activity. After I finished laughing I wrote them a letter to inform them they had calculated this in error and that my year end filing was indeed accurate. I received a response demanding that I show proof that they made an error. I sent an extremely condescending letter explaining basic tax laws, how to calculate short term gains for tax purposes, and the fact that gains not total gross sales were taxed. They sent me a letter apologizing and thanking me for my time.
Unbelievable lol

I had just gotten married the year before and my wife was worried she'd married into some underground something. I'm such a rule follower/Boy Scout which made the whole ordeal even more absurd.
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FJ43
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9:08p, 3/31/21
Anyone use Elite Options Trader's monthly service with live and real time options trades/alerts?

Seems like a lot of provided info daily/weekly/monthly.
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tramaro1
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In reply to FJ43 • 9:13p, 3/31/21
AG
FJ43 said:
Anyone use Elite Options Trader's monthly service with live and real time options trades/alerts?

Seems like a lot of provided info daily/weekly/monthly.

I used them in the past. Yes they provide good info, charts, trade ideas, target levels, they are good at what they do. They play it very conservative and scale out of trades, practice good habits. Also they post a weekly summary of their wins and losses.
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bmoochie
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In reply to McInnis 03 • 9:16p, 3/31/21
AG
McInnis 03 said:
Irish 2.0 said:
NRD09 said:
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?


I think he inputed the 1099 wrong on TurboTax


About 15 years ago, early in my trading I "auto loaded" from TDA into TurboTax. My tax burden went through the roof. A terrifying number.

I eventually looked closer and realized TT didn't pull the cost basis of any trade, only final value.

I manually entered the numbers and things got much better


This actually happened to me this year. Said I made way more than I did in profits and I knew better. Did a deep dive and it didn't pull cost basis of about 5 bigger trades. Manually fixed it and it adjusted.
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FJ43
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In reply to tramaro1 • 9:19p, 3/31/21
tramaro1 said:
FJ43 said:
Anyone use Elite Options Trader's monthly service with live and real time options trades/alerts?

Seems like a lot of provided info daily/weekly/monthly.

I used them in the past. Yes they provide good info, charts, trade ideas, target levels, they are good at what they do. They play it very conservative and scale out of trades, practice good habits. Also they post a weekly summary of their wins and losses.

Thanks. Added them to my follow list and was reading their content. Sounds interesting.
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tramaro1
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In reply to bmoochie • 9:25p, 3/31/21
AG
bmoochie said:
McInnis 03 said:
Irish 2.0 said:
NRD09 said:
I think that dude must have written a little algo leveraging the robinhood api and scalped a penny or so a trade, but I'm also in the camp of still not being able to wrap my mind around how the tax bill could be 20x net profit. Did he have some system that failed 95% of the time but 5% of the time it made enough to go positive?


I think he inputed the 1099 wrong on TurboTax


About 15 years ago, early in my trading I "auto loaded" from TDA into TurboTax. My tax burden went through the roof. A terrifying number.

I eventually looked closer and realized TT didn't pull the cost basis of any trade, only final value.

I manually entered the numbers and things got much better


This actually happened to me this year. Said I made way more than I did in profits and I knew better. Did a deep dive and it didn't pull cost basis of about 5 bigger trades. Manually fixed it and it adjusted.

My numbers didn't seem to be correct either, I chalked it up to the wash out sale. I was too lazy to go through 30+ pages of trades to verify each one. Seeing that others have had issues and not always correct, next year I will verify everything
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$30,000 Millionaire
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9:29p, 3/31/21
AG
My accountant wants to kill me. I had a 400 page 1099.
You don’t trade for money, you trade for freedom.
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$30,000 Millionaire
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9:30p, 3/31/21
AG
Also, I'm not totally negative on XL:

https://www.businesswire.com/news/home/20210331005957/en/XL-Fleet-Announces-Fourth-Quarter-and-Full-Year-2020-Financial-Results
You don’t trade for money, you trade for freedom.
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