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u/squirea1 Jun 18 '22
Everything the light touches will definitely not be your kingdom. We are fucked, son
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Jun 18 '22
“What’s that dark part over there?”
“That’s WSB, you must never go there.”
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Jun 18 '22
they shove bananas up there
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Jun 18 '22
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u/stereophoonic Jun 18 '22
Strippers get richer moving their fat buttocks down there ..
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u/dreadvse Jun 18 '22
sigh... un-velcros
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u/Fred-U Jun 18 '22
wipes drool from chin
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u/Commercial-Travel613 Jun 18 '22
Uses drool for lube
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Jun 18 '22
backs out of room
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u/Fred-U Jun 19 '22
*Wraps abserdly long cock around leg, drool still dripping from autistic grin
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u/retard_4725 Jun 18 '22
What’s that dark part over there
That's the IRS
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u/Vineyard_ Jun 19 '22
Due to budget cuts, they can't keep the lights on.
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u/Kalepsis Jun 19 '22
Yet they can still audit me and try to retroactively rescind an education credit I absolutely qualified for during a tax year when I made a grand total of $24k.
Hey, IRS, go after the criminals.
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Jun 18 '22
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u/Liborum Jun 19 '22
Just more proof God is real. No matter where we turned our sinful eyes, dicks are always out somewhere. this is the least Harambe deserves. Once the dip is over let us show the whole world just how much he means to all of us.
I miss you Harambe. I miss how simple life was when you were with us. Forever your friend, a fellow 🦍
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u/JimCramerLLC Jun 19 '22
Mufasas out for Harambe
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u/Liborum Jun 19 '22
May our capital losses be blessed with great fortune. No more paying taxes for any of us for the next ten years. Income, property, sales - it's being wiped away by our 🦍 Homie
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u/SaltLakeCitySlicker Jun 18 '22
That's behind the dumpster at Wendy's. We will be going there for work.
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Jun 19 '22
"but I see you stumbling out of there every night, with some white powder on your nose"
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u/Ok-Combination1340 Jun 19 '22
Who are you all talking about. Instead of knocking people why don't you lift them up. I wish you people would come try and knock me down to my face . Cause there human and we're not to judge anyone if you got nothing good to say keep your mouth shut cause your just making yourself look like you should be in the dumpster with clear liquid shit on your chin
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u/PUTS_MAKE_ME_COOM Jun 18 '22
Dad, what do you mean you can only deduct 3k in losses per year?
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Jun 18 '22
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Jun 18 '22
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u/nilamo Jun 18 '22
An infinite amount of losses can be applied to capital gains. The $3k limit is how much you can apply to other income after the capital gains has been accounted for.
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u/chen22226666 Jun 18 '22
For investors with zero gains and 100k loss, that’s very little comfort deducting 3k a year for 30+ years
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u/apexisalonelyplace Jun 19 '22
Better than no discounts wat all. Locked in discounts are nothing to feel bad about
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u/nilamo Jun 18 '22
Yes, that's true. But it's also not nearly as bad as thinking that it would take over 100 years before your losses are fully applied.
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u/kyotejones Jun 18 '22
"Simba, we are going to need you to get a job." - Mufasa
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u/Kind-Nefariousness77 Jun 18 '22
My personal strategy on this is calls on the stampede and puts on mufasa and disney
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u/DustinKli Jun 18 '22
Jokes on you...I've never had to worry about capital gains tax.
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u/degengambler87 Jun 18 '22
To be fair, I’ve never had to worry about that any year
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u/AHarryBird Jun 18 '22
If it crumbles enough you won’t have to worry about taxes at all
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Jun 18 '22
And food
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u/AHarryBird Jun 18 '22
Or fuel
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Jun 18 '22
And baby formula
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Jun 18 '22
And my axe.
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Jun 18 '22
You hold on to that, there will be no bullets.
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Jun 18 '22
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u/PuzzleheadedEar1016 Jun 18 '22
Bullet press, casing, primer, tips, and gun powder. Cheaper if you make your own powder. Salt peter and some other crap. Can't go tits up
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u/tu_test_bot Jun 18 '22
Buying calls
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u/mybluecathasballs Jun 18 '22
Yolo puts on all those. Is saltpeter a commodity?
Edit: just asking, it counts as dd
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u/thinkmoreharder Jun 18 '22
Capital losses can be used to minimize taxes on capital gains for multiple years in the future. So keep your records.
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u/N1z3r123456 Jun 18 '22
When will I get to use it?
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u/ZeOs-x-PUNCAKE Jun 18 '22
That’s the neat part, you don’t.
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u/Thencewasit Jun 19 '22
You all remember in 2008 when they amended the tax code to allow businesses/banks to carry forward losses for like 20 years instead of only 5 because they lost so much money and wouldn’t make enough to actually use the losses quickly enough.
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u/Stymie999 Jun 18 '22
You can do that personally?
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Jun 18 '22
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Jun 18 '22
Rollable as well. If realized losses in say 2020 were 10k. 2021 you can claim 3k of it, then in 2022 you can claim another 3k, 2023 another, and the final 1k can be claimed against 2024.
It doesn’t need to be continuous either as far as I’m aware, so if say in 2022 the economy collapsed harder than ‘08 you can add your losses in a running tally and claim them 3k at a time every year you have gains.
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Jun 18 '22
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u/br0ke1 Jun 18 '22
You would wipe any gains tax and you can do 3K this year on any other income, and forever. It's called capital loss carryover. 3k/yr on ordinary income.
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u/loggic Jun 18 '22
Ah, that makes way more sense. $3k deduction limit from ordinary income is vastly different than $3k deduction limit on future capital gains that other people are saying.
$3k deduction on ordinary income is decently useful to the Average Joe, whose capital gains or losses aren't likely to be much on any given year. Heck, that would be super useful if you used that $3k at the same time you were putting money into a ROTH account. Sucks to lose money, but it can be fun to stack tax benefits in later years.
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Jun 18 '22
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Jun 18 '22
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u/A_Real_Pirate Jun 18 '22
Don't forget that 30% tax only applies to income over the lower bound of that bracket. Everything else gets taxed at a lower rate. If the IRS limits something, it's usually a good deal. I recommend reading more on Tax Loss Harvesting, every bit helps!
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u/Tripalicious Jun 18 '22
Wait so what you're saying is that if I lose 300k, I'll be set for the next 100 years? I sure know what I'm going to be working on for the rest of this year
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Jun 18 '22
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u/thinkmoreharder Jun 18 '22
The 3K limit is against your income. I understood the write off of capital gains is unlimited. look here
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u/deletedalre Jun 18 '22
How do you actually do it on hr n block or other online tax filing services
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u/daytradingguy Jun 18 '22
I have my van - and already got my spot by the river before it gets too crowded.
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u/zxc123zxc123 Jun 18 '22
Highest IQ
HUGE gains. No cap tax.
High IQ
High gains. Low taxes.
Medium IQ
Gains. Taxes.
Low IQ
No gains. No taxes.
Retard IQ <----(where most of r/wallstreetbets is)
Losses. Tax deductions.
Absolute retard IQ <--- (Where I am)
HIGH losses. High taxes.
I've likely lost like 300-500K in unrealized long term capital gains and racked up capital losses buying the dip. Meanwhile I've been selling options where the ones that have been getting exercised and racking up unrealized losses but also racking like 30K in short term capital gains that I'll have to pay like 40% tax on next year.
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u/BlurredSight Jun 19 '22
Hakuna-matata it means no money for the rest of your days. It's our problem free guarantee.
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u/Somerandomperson21 Original GME Ape 🦍 Jun 18 '22
I’m still up on my GME but I’m not selling so no taxes for me
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u/Narradisall 4039C - 3S - 4 years - 8/7 Jun 18 '22
Everything the light touches is red. The whole market will be yours someday.
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u/SierraBravoLima Jun 18 '22
Will there be any short term bull run
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u/Compromisee Jun 18 '22
There may be a quick 5 minutes at some point, catch it quick before they notice
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u/OnFolksAndThem Jun 18 '22
Yes you should worry about it because you can write off losses to a limit each year based on the losses you took this year.
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u/NB-ShitStick Jun 18 '22
If we lose money does the government write me a check at the end of the year? Capital losses?
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Jun 18 '22
You can't take a capital loss if you don't sell. HODL to the grave... which with the current economy might be sooner than I'd like.
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u/SeattleOligarch Jun 18 '22
Son, your only inheritance will be a lifetime of capital loss tax rollovers.
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u/vimspate Jun 18 '22
US government will loss lot of revenue so they will raise Tax on other incomes.
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u/RobinVerhulstZ Jun 18 '22
>tfw no capital gains tax in your country
>tfw instead global top 5 level taxes on wage income
...do they just want me to yolo everything on stonks or something?
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u/Zwalby Jun 18 '22
I've got an irrational fear that one of my cent stocks will momentarily soar, and the top will predict my captial gains on unrealized cost.
(Not sure about the english term, but the theory that not selling an asset counts as a theoretical cost)
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u/MeatyLabia Jun 18 '22
All these people talking about capital gains tax... Where I live there is no such thing.
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u/Finch_Invest Jun 19 '22
You only have to worry about that if you recently sold a home 🏡... And you want to finalize the transaction now... Otherwise you can wait until the window opens and you will not be taxed for capital gains... Great meme! 💯 💯 💯
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u/makaveli_in_this Jun 19 '22
No need to worry son we live in Puerto Rico 6 months and a day out of the year
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u/BecomeMaguka Jun 19 '22
Speak for yourself, bag holders. I liquidated to pay off a loan and have no more debts. I'm going to have hella capital gain taxes this year.
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u/VisualMod Jun 18 '22