Should I sell it all and re-buy in January (taxes)

[pr0lab]

Should I sell it all and re-buy in January to save on some taxes with this fiscal cliff and tax hikes on capital gains?

 

[wackypete2]

Should I sell it all and re-buy in January to save on some taxes with this fiscal cliff and tax hikes on capital gains?

How is that going to affect you if you aren't in the US?

Peter

 

[pr0lab]

How is that going to affect you if you aren't in the US?

Peter

yeah, i am not sure why it shows UK, i am def from the States

Does the Wash Sale rule punish me on the other side of that?

 

[wackypete2]

There's definitely a new tax hike of 3.8% on capital gains for people making over $200,000/yr ($250,000 for family) to subsidize Obamacare. If your income is less than that then you won't be affected.

The fiscal cliff debacle MAY cause an increased base tax on cap gains to 25% (+ the 3.8& if you are in that bracket = 28.3%). It depends on whether the Bush era tax cuts remain.

Yes, the wash sale rule would wipe out any benefits you incur by taking gains before year end then repurchasing in less than 30 days.

Peter

 

[wackypete2]

yeah, i am not sure why it shows UK, i am def from the States

I see the US flag now
Welcome home, LOL!

Peter

 

[pr0lab]

i am in a long trade so the difference is between 15%-20% in this case..