Or you could sell Tesla and pay the taxes, and be up 8500 after tax, and hold on to apple till it's also up and be up another 8500 after taxes, for a gain of 17,000 after tax. But I mean the idea of taking a $7,000 loss on apple to save $1050 in taxes is pretty good too, if you're happy with making $2550 after taxes and losses on your $100,000 investment, rather than $17,000.
Might want to mention the wash rule and how it works
Very smart. Thank you for this advice
You forgot state taxes. In CA it's 13.3 percent.
LT cap gain tax is not 15% fixed. You will pay more depending on your income bracket.
Or you could sell Tesla and pay the taxes, and be up 8500 after tax, and hold on to apple till it's also up and be up another 8500 after taxes, for a gain of 17,000 after tax.
But I mean the idea of taking a $7,000 loss on apple to save $1050 in taxes is pretty good too, if you're happy with making $2550 after taxes and losses on your $100,000 investment, rather than $17,000.
So lose $7,000 to save $1,050? How could this be used to someones advantage? Or am i missing something?
@csugga72 but you are locking in a loss of 7000 if you sell at -7000
Don't forget you must lose money to do so...lol.
Right. Let’s lose $7000 in stock value to save $550 in taxes because screw the IRS.
so instead of owing 1500 you now owe 7k bc you took a 7k loss?
You pay zero taxes if you trade Tesla stock in your Roth IRA. Duh, NFA. You’re welcome Humphrey 🖖😁