I lost 30k mainly due to slack, uber and lyft. i just learned capital loss deduction is cap at 3k on income. that will take me 10 fuckin years. How would I speed up tax reduction process?
Make some capital gains
stop investing in tech stocks just because they're tech stocks and start diversifying
This. Max out all your retirement vehicles. Put them all and any additional investments in a target date index fund.
Not to mention, don’t invest in tech companies with abysmal financial reports.
Your max loss = (total gain - total loss) for that FY. If this is less than $3,000 then you can only deduct $3K per year as per rule. The best way is realize the gains in same year you are going to realize max losses such as your case, then u don't need to carry forward the losses as per above formula
If I make 30k gain in 2020, realizing it ASAP is a good idea?
Impossible to say when in the year you should sell, but if you want to use up the losses quicker then offsetting regular income (max $3k per year), sell gains before the end of this year (actually I do not know what MSFT's first and second sentence mean, but my comment still applies.)
Meanwhile s&p gained almost 30% last year 😬
You only have 3 years to use those losses. Better get some gains
Since when?
There's no limit on how many years you can use capital loss carryovers
But doesn’t government also tax you on capital gains? By your logic who should govt tax you when you made gains
Lol...considering capital loss as a loss of income is not same as government giving you money. God I hope there was ' tax 101' class in schools and colleges !!!
Found someone from r/wsb
He didn't say anything about AMD, TSLA, or PTON. Guh.
Every employee at Uber, Lyft, Slack: 🙄
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Time machine.