I'm a rookie when it comes to investments/taxes and I'm trying to cut my losses and see if I can claim a deduction. Does anyone know what's the best way to calculate short term and long term gains/losses? Especially with RSU, ESPP. We use ESPP and I'm a bit confused on how to gather this information for this year.
It's not your fault. Fkng IRS made everything so complicated... They just can't keep things simple...
It’s intentional
If your company uses E*TRADE(RSU) then gain/losses section would tell you if it is a short term or long term
I highly suggest you talk to a CPA to really understand the impact on your taxes.
Anything over 1 year and 1 day is considered long term gains. IRS allows to write off 3k/year of capital loss. If you have larger amount, you can carry over the excess (up to 3k) into the following year.
Thank you! I've both short term and long term losses and have RSU and ESPP vested. Should I sell my short term loss first? When RSU vests is it considered as income or capital gain?
I just had the basic knowledge to give you any framework. If i were you, I’d pay a few hundos to a tax advisor or CPA to tell me how to do it the right way so your return is maximalized.