Something to share with all of you…. And it’s about my plans with my SGCP stock, so I feel it is on point…..
This may sound basic and stupid to some of you old-timers, but if it’s news to me, then maybe someone else who reads this may also have a light go off in his or her head.
I’m trying to prepare for the Big Bang with SGCP, and also thinking about my retirement at the same time. We all know that Uncle Sam is gonna get us with Capital gains tax when we sell our treasured SGCP (after it hits Big, of course)
I just got off the phone with E-Trade about opening a Roth IRA and putting some of my SGCP stock in there. Unfortunately you can’t transfer stock into a IRA, but you can fund it with cash and then BUY the stock within the account. Then later I can sell the stock (with NO CAPITAL GAINS TAX and use the cash to buy other stocks, or re-invest back into the same stock later (Call me Flipper if you wish) as long as it’s all within the ROTH account and No withdraws are taking place.
I can’t withdraw from the account for at least 5 years, but I can sell and hold and NOT PAY TAX. Not now, or when I withdraw after age 59. This sounds GREAT, especially if SGCP goes up 10,000%!
I’m 54 years old, so this sounds good to me for some of my SGCP stock. I’ll sell some in my current account and then transfer the money into my Roth and then buy back the SGCP stock. I may have to wait 3 days for the sale to clear, but maybe not…. If I have to wait then this may be risky as we are waiting for news to break. If I’m holding the cash and Not the Stock then I could end up a very sad boy indeed. I’ll do some small amount first to test it out…..
GO SGCP!!! And if I’m putting this into a IRA account then I can’t be Longer than that!
Charlie
