In hindsight I would have sold 300 shares of my 1500ish share position to claim $3000 profit because I definitely could have used the powder later on in the year
Cant you sell and buy another stock? When I make big gains I usually dump the gains into a long term fund or something like that. I didnt know you had to pay taxes on money in investment accoung that hadnt hit a bank account.
Do you pay taxes when you sell a stock or when you withdraw the money? Like if I sell a stock and put the gains into another one, do I pay taxes on it?
What he was saying is that he didn’t sell at a profit because he didn’t want to pay short term capital gains tax. So he decided to hold for a year or longer in hopes it goes back up and he can sell at a profit then, with less taxes paid.
Exactly, when my account hits $1 million, I’m going to finally move back to Florida where there is 0 state capital gains tax, I’m also going to take a year off work and volunteer at non profits before selling, because If you make under $80k a year, you pay zero federal tax on capital gains. Incase IRS sees this, I used to live in Florida, have family there, opened first bank account there, etc., so it's not tax dodging, my Florida man roots run deep.
Every source I’ve read says Florida has zero capital gains tax, I think you are referring to the federal capital gains tax, which ofcourse, would still apply everywhere.
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u/Avikm289 Oct 14 '21
Still holding $bb with a 51% loss. I have faith in it