Still think TITNC3: Return of the Iceberg was peak

Dammit...I'm too drunk for this shit

So painful...
Transferring 18K to the joint account to pay taxes...I withdrew 21K from the TD account when $GME mooned first time as an estimate...at least I didn't under estimate...

 

I have things like this....I think this was the BEST one...Like $27K in 2 hours...inconceivable return. Of course $GME

 

Christ...It only gets worse

 

Imagine living somewhere with state income taxes lul

 

@TreeFortRichard I dunno if you know this, but if you just buy and hold and never sell; you can't, you can't get taxed again

 

Brutal I can’t wait to retire

 

I think I’d rather sell and pay the taxes than hold.
One scenario you’re at least guaranteed to bank a little money.
The other could go either way.

@TreeFortRichard have you been able to calculate how much of your tax bill was attributable to each transaction?

as in, how much tax was due for that profit off of gme?

 

Wouldn’t it just be 30% of each transaction? so like 8k for that one trade

 

So I grew up in TX, no state income tax but the property taxes are quite high. Now I live in CO where there is state income tax, but the property tax is super low. It kinda evens out tbh

Quality of Life in CO is WAAAAAAY better

 

Short term has a wide range, just depends on your income

 

My Texas vehicle registration on my 2015 and 2016 trucks
Was 20$

vs Kentucky
Which would have been 350$ each

man’s property taxes are poop but as a veteran I’ll be excluded on that if I’m ever in enough money to own a home now that our economy is a game of who’s line

 

No, no ,no. Your doing it wrong. You lose money on trades. Sell at a loss then use those losses to offset taxes. I've currently got about 10 years of offset built up. lol

 

In CO car registration is based off the msrp of the vehicle. Roughly $700 for a brand new $40k vehicle. TX it would have been hella cheap. Then again I pay less than $2k on my somehow $450k home, in TX it's more around $5-7k for that property tax

 

Lmao twinsies!

 

About 70%ish. The thing is I also offloaded a lot of dead wood. Long-term stuff that had lost value and would never recover or stuff that I just sold to subtract for my capital gains

 

Is it treated as income as in my salary was X, and I sold gme for a $12,000 profit, therefore my income tax liability is x+$12,000?
Or do your other stock losses offset against that gme profit of $12,000?

getting ready to sit down and do my taxes… Ugg.

 

Use those losses

 

Depends on holding period…short term cap losses offset short term cap gains…long term cap losses offset long term gains…then I believe you would net the two

 

what is the length of time that determines short or long?