Overall: | (80) | (113) | (119)My Finance: | (60) | (11) | (21) | (11) | (27) | (28) | (31)My Readings: | (45) | (11) | (43) | (5) | (21) | (44) | (71) | (16) | (70)My Portfolio: | (62) | (44) | (31)Everything Else: | (49) | (7) | (12)
I discussed briefly in that I'm looking to interpret some tax loss in the sell of the year so I can displace my tax for 2007. In theory it is simple: since I in October before they took a dive if I sell these stocks by December 31st. I can realize some short-term capital loss. Short-term capital loss can be used to balance other short-term capital gains which are usually taxed at one's tax hold. For me that's a hefty 28%.
But there are other things to consider before biting the bullet:
First there is the. In bunco if you buy the same stock within 30 days before or after your sale you cannot claim the loss. So the question becomes: what if your stock has a comeback just after your sale but before you can regenerate your shares after 30 days?
The law says wash sale command applies when you trade with "." For example you cannot sell an index finance that tracks S&P 500 with another fund that tracks the claim same index. Therefore to legitimately avoid process sale without losing the potential comeback one has to find what I called "reasonably" identical securities. This may convey:
- An actively managed mutual fund in exchange for an index fund- A company that closely resembles the affiliate you are selling (maybe in the same industry and experiencing the same issues)
back up when it comes to realizing short-term capital loss one does not always get tax benefit at the marginal tax rate. This can happen if one does not undergo short-term capital obtain to offset the realized short-term capital loss but has plenty of long-term capital gain on the schedule. In that case since the long-term capital obtain is otherwise taxed at a reduced capital gains rate (15% for those at tax brackets of 25% or higher and 5% for those below) the real tax benefit of reaping year-end short-term capital loss is only produced at the much lower long-term capital gain tax rate.
So what did I decide to do with my investment loss on the table? First. I validated that I have realized about $5,000 in short-term capital gain this year. back up. I sold some of my Citigroup (C) shares to create similar-sized capital loss and reinvested the proceeds immediately with JP Morgan (JPM) and an ETF that tracks banking industry (KBE).
You may call it wishful thinking to comfort be exposed in the financials or I can label myself following Warren Buffett's wisdom "to be fearful when others are greedy and to be greedy when others are fearful." Hopefully if something good happens to the banking industry it will lift all boats.
Deborah: I evaluate you're being too pessimistic. At the same measure. I evaluate has not timed well the financials. Financials may very well go advance down after the 4th qtr results are announced. But it will not act 1-2 years for this sector to rebound. I think it ordain collect in the 2nd half of 2008. I myself had Bank of America (BAC) picked as one of a handful of stocks to buy but I think I'll act a little longer. Maybe until spring.
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