Stick It To The Man with Tax-Loss Harvesting
Do you want to save money on tax day?
I have another bone for you Apes and any other new investor. If you want to really stick it to the banks and the "hedgies" and to save money this tax season, then brush up on your knowledge of tax-loss harvesting.
Every major investment bank and hedge fund utilizes tax-loss harvesting every tax season. They do this, so they do not have to pay as much taxes when the year is over.
How Does Tax-Loss Harvesting Work?
The process is slightly complicated and requires certain prerequisites for tax benefits. But basically, you sell your securities at a loss, then based on certain time constraints, the loss might covers a portion of the taxes that you have to pay at the end of the year from any gains you may have made in the market. Then, after some time passes, you simply buy back the same investment after a brief waiting period.
Now you have your exact same investment back in your portfolio with a lot less taxes to pay at the end of the year. Who knows, you might even be able to pick the investment back up on a discount.
AMC is the perfect candidate for the so-called "wash sale." Actually, a wash sell goes against IRS guidelines. But it is very easy to avoid the wash sale rule.
Of course, before you do anything you must consult with a tax professional first in order to get the process completed correctly. I would hate to see any of you crush your diamond hands without receiving tax benefits.
As always, I am not a financial professional, and this is not investment advice. Good luck trading. Be careful and be patient. Dont anticipate the market. Rather, participate in the market. Give your investments time. Don't be greedy. Don't invest in anything you don't understand. Don't put all of your eggs in one basket. Don't listen to the hype. Don't fomo or panic into or out of trades. Do your own due diligence. And just follow the trends. A trend is your friend.
$AMC Entertainment(AMC.US$ $AMC Preferred Equity Unit(APE.US$ $GameStop(GME.US$ $C3.ai(AI.US$ $Palantir(PLTR.US$ $IonQ Inc(IONQ.US$ $Super Micro Computer(SMCI.US$ $Applied Digital(APLD.US$ $Vroom(VRM.US$ $Nikola(NKLA.US$ $American Superconductor(AMSC.US$ $CAVA Group(CAVA.US$ $QuantumScape(QS.US$ $Upstart(UPST.US$ $Carvana(CVNA.US$ $ImmunoGen(IMGN.US$
$Apple(AAPL.US$ $Microsoft(MSFT.US$ $Amazon(AMZN.US$ $Tesla(TSLA.US$ $NVIDIA(NVDA.US$ $Advanced Micro Devices(AMD.US$ $Amazon(AMZN.US$ $Meta Platforms(META.US$ $Alphabet-C(GOOG.US$ $Alphabet-A(GOOGL.US$ $Netflix(NFLX.US$ $Tesla(TSLA.US$ $UnitedHealth(UNH.US$ $Home Depot(HD.US$ $Berkshire Hathaway-A(BRK.A.US$ $Berkshire Hathaway-B(BRK.B.US$ $Johnson & Johnson(JNJ.US$ $Eli Lilly and Co(LLY.US$ $Visa(V.US$
$Invesco QQQ Trust(QQQ.US$ $iShares Russell 2000 ETF(IWM.US$ $VIX Index Futures(MAY4)(VXmain.US$ $SPDR S&P 500 ETF(SPY.US$ $SPDR Dow Jones Industrial Average Trust(DIA.US$ $iShares MSCI Emerging Markets ETF(EEM.US$ $Gold Futures(JUN4)(GCmain.US$ $E-mini Dow Futures(JUN4)(YMmain.US$ $E-mini S&P 500 Futures(JUN4)(ESmain.US$ $E-mini NASDAQ 100 Futures(JUN4)(NQmain.US$ $E-mini S&P MidCap 400 Futures(JUN4)(EMDmain.US$ $E-mini Russell 2000 Index Futures(JUN4)(RTYmain.US$ $CBOE Volatility S&P 500 Index(.VIX.US$ $VIX Index Futures(MAY4)(VXmain.US$
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solo invest : My wash sale last year was AMC. But I never bought back in.
MuscMoo : omg, now you're giving tax advice? lol. what about capital gains taxes when it inevitably rises? you got a screw loose, dude
solo invest : It is looking very cheap now though. If I bought back that wash sale from last year then I would get my investment back at an over 80% discount. WOW!!!
FANCY PANTS : MuscMoo, you realize he tagged a dozen stocks, right? Not everything is targeting AMC, even though it was clearly a poor investment.
72919001 : nice try selling pitch to sell amc shares
73836523 : come on
SpyderCallOP MuscMoo: um, okay. whatever you say, guy. I save money every year on my taxes. This is valuable information to smart mo.ey and any regular investor. I'm just trying to help you guys out. Sheesh [Sigh]
Why are you apes so angry all of the time? This could be to your benefit, ya know
72919001 FANCY PANTS: well dide… he specificly mentioned like amc stock…. how convenient
SpyderCallOP 72919001: I'm just telling you what is out there. I can't tell you what to buy or sell. It is always something to consider if you are holding anything other than AMC at a loss as well.
SpyderCallOP MuscMoo: I even tried to join the stick it to the man theme that you apes love so much. Just can't appease you folks.
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