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Brian Earl Spilner
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1:12p, 6/27/24
AG
You only lose the tax loss as long as you keep the stock. If you sell it again within the same calendar year, nothing really changed.

If you keep it longer, it just gets shifted to the year you sell.
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CC09LawAg
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In reply to Brian Earl Spilner • 1:17p, 6/27/24
Got it. So it isn't inherently a good or bad thing, just something to be aware of.
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ProgN
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In reply to CC09LawAg • 1:30p, 6/27/24
CC09LawAg said:
Got it. So it isn't inherently a good or bad thing, just something to be aware of.
Incorrect my friend. Your tax-loss selling offsets your capital gains dollar for dollar on your taxes. If your tax-loss amount is greater than your capital gains, then up to $3,000 can be applied against your ordinary income. If you still have leftover tax-losses, they will carryover and can be used to offset gains/income in future years. They are not use it or lose it.

Taking a loss on a stock SUCKS and hurts, so don't compound a mistake by throwing away the tax benefit of booking a loss.
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Brian Earl Spilner
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In reply to ProgN • 1:34p, 6/27/24
AG
I think his point was you never actually lose that benefit due to a wash sale. It just gets pushed back.
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ProgN
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In reply to Brian Earl Spilner • 1:38p, 6/27/24
Brian Earl Spilner said:
I think his point was you never actually lose that benefit due to a wash sale. It just gets pushed back.
Perhaps, I was driving and saw the post. BES is correct, if you stay out of the same, or similar vehicle (puts/calls on same underlying security) for 31 days, then the tax-loss amount will carry forward.
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CC09LawAg
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1:41p, 6/27/24
Thanks. I'm still playing checkers here, so it is good information to have. I feel like I have 1000 things bouncing around in my head when I'm trying to make decisions on this stuff, so just trying to figure out which ones are definite things to avoid and which ones I can think about when I'm a little more advanced.
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idAg09
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1:41p, 6/27/24
Since we are talking losses...what should i do with these stocks:

Over 50% loss: ATLX, BYON, ENZC, LUMN, SAVA, TELL, WWR
Recent pick-ups that are down: FSLY, KOS, MARA, SNOW, TGNA

Picked most of these up reading this thread over the years and didn't sell when I should have.
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Brian Earl Spilner
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In reply to ProgN • 1:42p, 6/27/24
AG
No, I'm saying he can buy even in that 30-day window and the loss will be baked into his new cost basis anyway. (It will be moved up to account for the previous loss.)

He only loses it for the year but it'll all come out in the wash when he eventually sells. He might end up taking a smaller profit in the future (on paper), but the tax benefit is identical.
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El_duderino
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In reply to CC09LawAg • 1:44p, 6/27/24
Like Prog mentioned above, expecting sub $130 at least.
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CC09LawAg
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In reply to El_duderino • 1:45p, 6/27/24
I hope you're right and I can get back in down there. That'll take the sting out of my FOMO buys.
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ProgN
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In reply to Brian Earl Spilner • 1:50p, 6/27/24
Brian Earl Spilner said:
No, I'm saying he can buy even in that 30-day window and the loss will be baked into his new cost basis anyway. (It will be moved up to account for the previous loss.)

He only loses it for the year but it'll all come out in the wash when he eventually sells. He might end up taking a smaller profit in the future (on paper), but the tax benefit is identical.
You or both of us need to read up on this over the weekend because I don't believe that is accurate. I know we have a couple of CPA clubhouse members, I'd love for them to chime in on this because it's extremely important for everyone.
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I bleed maroon
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In reply to ProgN • 1:54p, 6/27/24
AG
ProgN said:
Brian Earl Spilner said:
No, I'm saying he can buy even in that 30-day window and the loss will be baked into his new cost basis anyway. (It will be moved up to account for the previous loss.)

He only loses it for the year but it'll all come out in the wash when he eventually sells. He might end up taking a smaller profit in the future (on paper), but the tax benefit is identical.
You or both of us need to read up on this over the weekend because I don't believe that is accurate. I know we have a couple of CPA clubhouse members, I'd love for them to chime in on this because it's extremely important for everyone.
BES is right. It's just a timing issue. I have had accidental wash sales before, and it can be rough, if any of the thought process is related to current year tax planning. However, you do eventually get to take the loss, just not when you wanted to initially.

EDIT - I'm not a CPA, nor do I play one on TV. Consult your local tax advisor.
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Brian Earl Spilner
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In reply to ProgN • 1:56p, 6/27/24
AG
Believe me, I have taken plenty of losses and run into this scenario many times.

Unfortunately for me.
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flashplayer
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2:02p, 6/27/24
AG
BES is right. You just defer taking the loss until whenever you sell that stock in the future. Whether its this year, next year, or 2030. If the stock bounces back and you profit, you still have that loss baked in because you can figure it into the cost basis of your new shares that you bought. (E-trade does this automatically for you whenever you buy a stock that qualifies under the wash sale rule)

Now, you may not need the loss to figure in for future years depending on what happens, that is the only wildcard.
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ProgN
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In reply to idAg09 • 2:02p, 6/27/24
idAg09 said:
Since we are talking losses...what should i do with these stocks:

Over 50% loss: ATLX, BYON, ENZC, LUMN, SAVA, TELL, WWR
Recent pick-ups that are down: FSLY, KOS, MARA, SNOW, TGNA

Picked most of these up reading this thread over the years and didn't sell when I should have.

I'll comment on the one's that I've rec'd on the thread.

SAVA: I've posted that I hold it a lot higher and said I didn't average down. It's a zero or hero position for me. They're in late stage phase 3 clinical trials so I'm riding what I own to hell or Valhalla. I wouldn't dump it, don't buy more, but you'd drink yourself to death if you rode it this long, sold at a huge loss, and then it spikes on FDA approval.

SNOW: This one I'd hold as well and wouldn't sell at a loss. Don't add anymore, because there are better opportunities to profit from.

FSLY: I still feel f'ing horrible for this disappointing POS, sorry fam. I booked my losses in the $12ish range and removed it from my screen. IDC if they create something that changes the world, I'm never touching that stock again.

If you have cash building up, just be patient. If POWL goes mid $120s or less, and SMCI spikes down to the $750ish range, I'm a buyer of those.
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ProgN
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In reply to Brian Earl Spilner • 2:03p, 6/27/24
Brian Earl Spilner said:
Believe me, I have taken plenty of losses and run into this scenario many times.

Unfortunately for me.
Ok, cool, I'm happy to be wrong.
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Brewmaster
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In reply to Brian Earl Spilner • 2:04p, 6/27/24
AG
Brian Earl Spilner said:
You lucky dog you!
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ProgN
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In reply to Brewmaster • 2:12p, 6/27/24
Those are cute puppies.
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idAg09
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In reply to ProgN • 2:12p, 6/27/24
Thanks ProgN!
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M4 Benelli
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2:26p, 6/27/24
I'm holding a ton of dry powder for this POWL plummet. Holding what I currently own, as I want to be in this baby no matter which way the wind blows.

Let the puppies loose.
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Brian Earl Spilner
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2:28p, 6/27/24
AG
TNA rallying into the close it seems. Thanks Ms. Sweeney.
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Brewmaster
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In reply to ProgN • 2:32p, 6/27/24
AG
oops, n/m, I see your 750 mention on SMCI above.

SMCI? coming into yesterday it had a nice H&S, looking like a good bear setup for sub 800. Now today it says i DGAF, let's rocket, lol.

waiting patiently on POWL too

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ProgN
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In reply to Brewmaster • 2:38p, 6/27/24
Brewmaster said:
do you think we get 1 more drop on SMCI? coming into yesterday it had a nice H&S, looking like a good bear setup for sub 800. Now today it says i DGAF, let's rocket, lol.

waiting patiently on POWL too
I think it'll hit $800 or less, hoping for $750, over the next couple of weeks. That said, if I'm wrong, I'll starting buying it the 3rd week of July regardless of it's price and add to that position on every down draft before they report earnings because I'm banking on them declaring a big stock split and I want on that train.
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Brian Earl Spilner
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In reply to ProgN • 2:49p, 6/27/24
AG
I'm tempted to sell if it hits $900 in anticipation of this....but I did this with NVDA and missed most of the rally.
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ProgN
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In reply to Brian Earl Spilner • 2:54p, 6/27/24
Brian Earl Spilner said:
I'm tempted to sell if it hits $900 in anticipation of this....but I did this with NVDA and missed most of the rally.
No one has a crystal ball, I'm just betting on myself and many years of market experience. It's float is so small that it'll give you many more trading opportunities. What did it do over the last 5 trading days? In 5 trading days it's swung from $1,014 to a low of $808. It is fun as hell to play with though.
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EliteZags
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3:23p, 6/27/24
AG
I was thinking 770 was a good price when it stalled there, but sat around too long and missed the pop, jumped on at 820 with a similar feeling as NVDA's last brief stop at 760 in April
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Red Pear Luke (BCS)
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8:44p, 6/27/24
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AG
Debate thoughts?
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TheVarian
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In reply to Red Pear Luke (BCS) • 8:45p, 6/27/24
AG
Red Pear Luke (BCS) said:
Debate thoughts?


So far so good! Bidens keeps adjusting his earpiece, Trumps surprisingly calms, and CNN is being somewhat fair.
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ProgN
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In reply to Red Pear Luke (BCS) • 8:50p, 6/27/24
Red Pear Luke (BCS) said:
Debate thoughts?
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Red Pear Luke (BCS)
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In reply to ProgN • 9:00p, 6/27/24
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AG
ProgN said:
Red Pear Luke (BCS) said:
Debate thoughts?


/thread

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M4 Benelli
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9:48p, 6/27/24
Xiden was hopped on a real good cocktail. I was expecting him to walk off stage or poop his drawers. SAVA has a chance of sky rocketing tomorrow.

The lack of crowd may have been to Trump's benefit, he kept his composure and didn't get goaded into anything.

Xiden was a mumbling buffoon, but the cocktails pushed him through. It's being reported that he has a "cold."

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spud1910
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In reply to M4 Benelli • 9:50p, 6/27/24
AG
The whole thing scared me. Are these two really the best we have?
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M4 Benelli
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In reply to spud1910 • 9:55p, 6/27/24
I'm Pro-Trump as they come brutha. Is there better politicians out there that can articulate their agenda in a more concise fashion? Sure.

Would any of them make the commies who are tearing the nation down quiver? Nope.

Most Republicans are lilly livered.

We know what Dems are.

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TheVarian
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In reply to M4 Benelli • 9:57p, 6/27/24
AG
M4 Benelli said:
Xiden was hopped on a real good cocktail. I was expecting him to walk off stage or poop his drawers. SAVA has a chance of sky rocketing tomorrow.

The lack of crowd may have been to Trump's benefit, he kept his composure and didn't get goaded into anything.

Xiden was a mumbling buffoon, but the cocktails pushed him through. It's being reported that he has a "cold."



He's going to have a medical emerggency in the next few weeks and newsom will step in or Michelle
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M4 Benelli
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In reply to TheVarian • 10:01p, 6/27/24
TheVarian said:
M4 Benelli said:
Xiden was hopped on a real good cocktail. I was expecting him to walk off stage or poop his drawers. SAVA has a chance of sky rocketing tomorrow.

The lack of crowd may have been to Trump's benefit, he kept his composure and didn't get goaded into anything.

Xiden was a mumbling buffoon, but the cocktails pushed him through. It's being reported that he has a "cold."



He's going to have a medical emerggency in the next few weeks and newsom will step in or Michelle


I wouldn't be surprised by ANYTHING at this stage.
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