Investment BS Thread - Stocks/Futures/Mutual Funds/Bonds/Commodities/Options/ETFs/401ks/Etc

You think the weed stocks will get real high again?

 

Watch out for Wash Sale Rule. Check with your tax advisor before acting.

 

I wanna buy stock in those Girl Scouts who set up a table selling cookies near a CO dispensary a couple years ago. Pure genius.

 

I learned this rule the hard way too. You can still buy or sell whatever you want, you just can’t write losses off on taxes if it’s within 30 days (30 days of the buy or sale of the same or substantially identical security). That’s the extent of the wash sale rule as I understand? Is there more to it?

 

That's my understanding too.
I wouldn't let it affect decisions they involve a fair amount of money.
You don't want to step over dollars to pick up a dime.
It should really only affect you if you're trying to harvest losses for tax purposes.
If you sell at a loss, but buy within (30?) days the same or a similar stock, you cannot deduct the loss on your taxes. You don't really even lose the loss though as your basis becomes the average of pre and post sale.

 

I think the way I got caught by this rule was like this. I figured as long as I sold at a loss, and didn’t buy back for 30 days, I’d be able to write off the losses. I learned that I couldn’t so I did some research. I had bought some of the same shares within 30 days BEFORE the sale. That made it a wash sale. Even if I was selling shares that I had owned for more than 30 days, and not the shares that were purchased within 30 days before the sale, it was still a wash sale. I guess I thought the “first in, first out” would have protected against a wash sale, but it didn’t. I think that’s how it went down, I can’t remember completely.

 

My tax advisor is Google

 

Yup. That's basically it. Don't count on selling at a loss (say you're repositioning) to offset gains if you've been trading in a substantially similar stock.

 

If it's on the Internet, it *must* be true, right?

 

I find the WASH SALE warnings as applied by Fidelity to be arbitrary and capricious. IOW that thing pops up on sales, that IMHO, are not even close to a violation. I get it, they are warning you to not buy back in......alright I get it........

 

I bought some NCLH and now just waiting

 

No, but I am hoping that buying a few more to lower my 'per-share' at least helps if they come up some in the future. Unless it looks like they will get super hot again, Ill dump stuff once I get back to good.

Like Aurora - Its more likely that one will be downgraded, or theyll go under....BUT, if they dont that should be 6-8X at least.

Im not selling so should be fine. Was nice to learn about that rule though. Thanks for bringing it up!

 

It’s gonna be a good day today. I get in the truck and this is playing. Boys, it’s time to make some money

 

Yup.

Bot tomorrow you’ll get in and hear, “It’s The End Of The World As We Know It.”

 

we didn’t start the fire.

 

Or “Dream On” lol

 

You might hear this song next on your playlist. The jobless claims were over 6.5 million!

 

mans everything is such a shit show that the markets breezed that right off. Like no big deal.

 

the markets aren't thinking straight as we could all see in the last couple weeks. things that should boost cause it to tank, things that should cause it to tank cause it to boost haha