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Posted by Ted on June 4, 2008, 9:22 pm
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I know you can't sell a stock that is down, take the loss, and then buy the
stock back.
But how about a stock that is up? Can you sell it, take the profit, and
then buy the stock again? I will have AMT this year, so extra profits won't
cost anything. Who knows, maybe next year will be better.
--
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Posted by joetaxpayer on June 4, 2008, 9:38 pm
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Ted wrote:
> I know you can't sell a stock that is down, take the loss, and then buy the
> stock back.
>
> But how about a stock that is up? Can you sell it, take the profit, and
> then buy the stock again? I will have AMT this year, so extra profits won't
> cost anything. Who knows, maybe next year will be better.
Yes, there is no issue with gains. The IRS wants your money.
We discussed the issue here not long ago on the speculation that cap
gain rates will rise. For some, what you propose makes good sense.
Joe
www.blog.joetaxpayer.com
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by D. Stussy on June 4, 2008, 10:33 pm
Please log in for more thread options > I know you can't sell a stock that is down, take the loss, and then buy
the
> stock back.
>
> But how about a stock that is up? Can you sell it, take the profit, and
> then buy the stock again? I will have AMT this year, so extra profits
won't
> cost anything. Who knows, maybe next year will be better.
Not a wash sale. Wash sales deal with sales at a loss.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Arthur Kamlet on June 5, 2008, 1:03 am
Please log in for more thread options >I know you can't sell a stock that is down, take the loss, and then buy the
>stock back.
>
>But how about a stock that is up? Can you sell it, take the profit, and
>then buy the stock again? I will have AMT this year, so extra profits won't
>cost anything.
Having more capital gains means having more income.
Can you let us know how recognizing capital gains will
cost you nothing because you have AMT?
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Ted on June 5, 2008, 10:42 am
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>>I know you can't sell a stock that is down, take the loss, and then buy
>>the
>>stock back.
>>
>>But how about a stock that is up? Can you sell it, take the profit, and
>>then buy the stock again? I will have AMT this year, so extra profits
>>won't
>>cost anything.
>
>
> Having more capital gains means having more income.
>
>
> Can you let us know how recognizing capital gains will
> cost you nothing because you have AMT?
I "thought" my real tax would go up and my AMT would go down; applying the
same deductions to significantly more income.
As you suggest, it doesn't work that way. When I put numbers into TaxCut my
AMT skyrocketed. My tax rate on long term capital gains was 22%. That
doesn't seem right!
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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