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Re: upper11 post# 53504

Sunday, 03/03/2024 5:09:15 PM

Sunday, March 03, 2024 5:09:15 PM

Post# of 83232
Why? Because of wash sales? Wash sales are just a trick to throw active traders off their game, funny you mention tax time as I am doing my takes this weekend and have $6585 in wash sale losses disallowed but in reality wash sales don't cost the trader any money at all, wash sales only delay the time when you can take the loss until after you sell at a loss and don't buy back for 30 days.

Here's some more info I found that may surprise many:

2023 Short Term Capital Gains Tax Rates:
0-11,000 10%
11,001-44,725 12%
44,726-95,375 22%
95,376-182,100 24%
182,101-231,250 32%
231,251-578,125 35%
578,126 and up 37%

2023 Long Term Capital Gains Tax Rates: (Assets Held 1 Year and Longer)
0-44,625 0%
44,626-492,300 15%
492,301 and up 20%

And FYI: Long term losses can only be offset by long term gains, short term losses can offset both short and long term gains.
Also, There are no capital gains taxes on the sale of the home you live in as long as you lived in the home 2 out of the last 5 years prior to the sale.

Buy and sell at your own risk, I am not a financial advisor, all my posts are for entertainment only, enter at your own risk!