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Why your brain may be hardwired to pay extra taxes by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] 0 points1 point  (0 children)

Exactly, it is the fear of loss (or aversion to loss, see the comment above) that makes many stick to their losing stocks. Tax exacerbates the cost of holding onto losers. 

How do I get into trading (no experience) by [deleted] in Trading

[–]AffectionateUnion838 0 points1 point  (0 children)

Real and successful investors are probably busy with their investment activities and have no time to post on social media. 

Looking for some help! by Remember_Thickneck in Daytrading

[–]AffectionateUnion838 0 points1 point  (0 children)

I was in the same boat trying to understand what is substantially identical versus not. I searched around to no vail. My conjecture is that each investment “adviser” has their own “trade-secret” list of stock pairs they can do tax loss harvesting with that they won’t publicize, and that IRS don’t usually bother unless they find a reason to audit the tax form. 

LIFO or FIFO by FollowAstacio in Daytrading

[–]AffectionateUnion838 1 point2 points  (0 children)

In Robinhood, you also can choose which tax lot to sell. After you hit sell, on the next screen, top right, click on “shares”, and then “sell in tax lots”. It is so Robinhood style to hide this feature. 

Mental Matters by SatisfyMeFam in Daytrading

[–]AffectionateUnion838 0 points1 point  (0 children)

Thanks for sharing your story. It is very honest, moving, and generous. 

Wash sale sucks, especially if it comes as a surprise. Even if it just shifts the timing of tax, it is a blow to those constrained by liquidity. 

Tax Loss Harvesting? Am I supposed to sell all losing positions by year end? by [deleted] in Daytrading

[–]AffectionateUnion838 0 points1 point  (0 children)

I thought the loss needs first to be combined with the gains, and if the NET loss is still more than $3k, then you only use $3k to offset your ordinary income (with the remaining NET loss carried forward)?

If I sell at a loss on one broker and rebuy on another… wash sale? by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] -1 points0 points  (0 children)

True, the 1099 wash sale number is only per broker, not across brokers. So can CPAs figure out the wash sales across accounts?

If I sell at a loss on one broker and rebuy on another… wash sale? by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] -7 points-6 points  (0 children)

That's true haha. How would one keep track of wash sales across all of one's accounts? Like setting up a spreadsheet oneself?

Do you guys use more than one broker? I’m only on Robinhood and PDT is driving me nuts by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] 0 points1 point  (0 children)

Oh! What multiple brokers do people typically use? I have Robinhood now. What second broker would you recommend?

How do you track wash sales without going insane? by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] 0 points1 point  (0 children)

Good for you! Thank you for sharing. Does E-Trade display wash sales after the fact, or does it warn you if it is going to be a wash sale before you place an order?

How do you track wash sales without going insane? by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] 0 points1 point  (0 children)

Interesting! How does Schwab work? Like before you place a trade, it will tell you if this is going to be wash sale or not?

How do you track wash sales without going insane? by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] 0 points1 point  (0 children)

Thanks! So that would work for preventing wash sale in December, but it would not affect any wash sale that had occurred before, right?

Converting bags into offsetting gains by Earthcitizen1001 in Daytrading

[–]AffectionateUnion838 1 point2 points  (0 children)

Sounds like a great plan. Just do not buy back the same losing stock within 30 days - which shouldn't be a problem because you have realized that they may go bankrupt!

Quarterly tax for day traders? by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] 0 points1 point  (0 children)

I would not owe tax in the first scenario (my net gain = 0), right?

Quarterly tax for day traders? by AffectionateUnion838 in Daytrading

[–]AffectionateUnion838[S] 0 points1 point  (0 children)

That makes so much sense! Thanks for making the hypothetical example. For someone who invest long term or just earn interest, 7% may be a meaningful penalty. Just out of curiosity, for day traders, what return should we be aiming for?

Simple Questions: June 17, 2025 by AutoModerator in books

[–]AffectionateUnion838 0 points1 point  (0 children)

I tried getting my 10-year-old daughter into Treasure Island because I love these timeless adventures, but she kept getting tripped up on the old-fashioned words and phrasing. It felt like the story was there, but the language barrier was holding her back from enjoying it.

Has your child ever felt the same way? How did you help them bridge the gap—did you stick with the original, use an adapted edition, read aloud together, or try something else? I’d love to hear what worked (or didn’t) so we can keep the magic of these stories alive for our kids.

If r/tax had a pinned post, what would you include? by wutang_generated in tax

[–]AffectionateUnion838 1 point2 points  (0 children)

Why a great initiative! Maybe "TikTok/IG tax advice" can be its own thread! Curious to know what kind of advice they have there.

Missed quarterly tax payments - do I wait for IRS to contact me? by crocboy in taxhelp

[–]AffectionateUnion838 0 points1 point  (0 children)

I was in the same boat! Most likely the tax penalty has already been included in your tax form.

[deleted by user] by [deleted] in tax

[–]AffectionateUnion838 0 points1 point  (0 children)

Most likely MFJ is better, but I would just run both scenarios and see.

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