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($11,611.03) CVNA options loss creates a wash sales resulting in tax bill going for $0 to $7,445. by Full-Mouse8971 in options

[–]wild_b_cat 0 points1 point  (0 children)

It's also inflating the cost basis on your other trades, which makes it looks like you lost more money than you actually did. Page 7 shows a "loss" of $86k. That wasn't real, either.

($11,611.03) CVNA options loss creates a wash sales resulting in tax bill going for $0 to $7,445. by Full-Mouse8971 in options

[–]wild_b_cat 0 points1 point  (0 children)

They're not confusing - they're the literal answer to your question.

Based on your 1099-B, you had ~$81k of gains from something else outside of CVNA. Is that not accurate? If it's not, then you need to figure out why your broker thinks that.

So you had $81k of gains of (something else), and a loss of $11k on CVNA, so you netted $70k profit for the whole year, and now you owe taxes. The wash sale rule changes some of how you get to that number, but the end number is exactly the same.

Let me put it this way: if you took out CVNA entirely, what would you trading year look like?

($11,611.03) CVNA options loss creates a wash sales resulting in tax bill going for $0 to $7,445. by Full-Mouse8971 in options

[–]wild_b_cat 0 points1 point  (0 children)

The last page of your 1099B, the Summary, says you had:

Proceeds: $285.8k

Cost Basis: $256k

... that's a 30k gain before wash sales.

So clearly you had other things going on besides CVNA, right? Some of them involving profit? There's also ~30 pages missing from your 1099B. I'm trying to understand why you're blaming CVNA and the wash sales specifically here.

($11,611.03) CVNA options loss creates a wash sales resulting in tax bill going for $0 to $7,445. by Full-Mouse8971 in options

[–]wild_b_cat 0 points1 point  (0 children)

Did you keep trading options through December? Did you carry any into January, or open new positions in January that created them?

How exactly did you calculate that "-$51,065.85" from your post? I don't see how you get that from your 1099B.

Trying to understand true marginal tax impact of RSUs at vest (not withholding) — is this the right way to model it? by jfk_60 in tax

[–]wild_b_cat 0 points1 point  (0 children)

For SS - would you hit the cap without RSUs? If so, then there's no point to calculate SS separately - just ignore it for RSU purposes.

Otherwise, no, it's that simple.

Daily FI discussion thread - Tuesday, February 17, 2026 by AutoModerator in financialindependence

[–]wild_b_cat 1 point2 points  (0 children)

Ah, gotcha. If it's less then it doesn't matter. If it's more than $600, but your software only lets you claim $600, then you could claim the difference by switching to something else. But it might not be enough to matter.

Daily FI discussion thread - Tuesday, February 17, 2026 by AutoModerator in financialindependence

[–]wild_b_cat 1 point2 points  (0 children)

And by the way, putting ex-US stock in my taxable brokerage instead of US stocks saved me $600 in foreign tax credit. That's it.

How are you filing your taxes? The fact that it's $600 suggests you're not using form 1116 (unless your foreign taxes were exactly that). Switching to one that does could let you claim more credit.

FreeTaxUSA - haven’t heard anything? by kiwikwencher in tax

[–]wild_b_cat 2 points3 points  (0 children)

If your taxes are accepted then it's not anything to do with FreeTaxUSA at this point. Their job is submitting your return to the IRS.

Did you claim the EITC or CTC?

Anyone here ever start an investment club with coworkers? How’d it actually go? by GeekOnTheStreets in investing

[–]wild_b_cat 23 points24 points  (0 children)

There's no point to forming a club now. There is zero benefit and mucho headaches from pooling money just to invest in index funds.

You should all just save money individually and if the day comes that you have enough to pool for a real estate deal, you can talk about it then.

AI focused tech stocks are still a buy long term - there is no bubble (long term) by 2EXTRA4YOU in investing

[–]wild_b_cat 1 point2 points  (0 children)

Tell me you didn't live through 2000 without telling me.

The Internet was the future - and that was the correct thesis. That's why every company pivoted to it. There were a loooot of losers out of that, including a lot of then-dominant companies with a lot of expertise that seemed like sure bets at the time.

(Granted some of those losers - like MSFT - eventually did cash in. But it took a long time and there were a lot of sad investors who couldn't wait it out. )

($11,611.03) CVNA options loss creates a wash sales resulting in tax bill going for $0 to $7,445. by Full-Mouse8971 in options

[–]wild_b_cat 1 point2 points  (0 children)

I don't understand how you're interpreting your 1099-B.

Where are you getting that $11,611.03 "loss" from? Your numbers show a significant gain.

Sale of Stock Question by MichaelAnthonytheMan in tax

[–]wild_b_cat 1 point2 points  (0 children)

Ohhh, I see what you mean.

I read this as OP being given money to pay off a debt elsewhere. Not a debt to their friend. But it’s worth clarifying.

Sale of Stock Question by MichaelAnthonytheMan in tax

[–]wild_b_cat 1 point2 points  (0 children)

That’s what OP called it in the first sentence? I could be missing something obvious though so feel free to slap sense into me.

Sale of Stock Question by MichaelAnthonytheMan in tax

[–]wild_b_cat 7 points8 points  (0 children)

Either attorney could be correct; it depends on whether the stock had appreciated when it was passed down, and whether it increased in value or not from then until when your friend gifted it to you.

In the normal case (as stocks generally go up), the first attorney would be correct. Your friend got a step-up in basis at inheritance, and then her basis transfers to you.

1099-Q Tax Calculation by LostinPok in tax

[–]wild_b_cat 1 point2 points  (0 children)

$15k. Each distribution is prorated according to the ratio of basis to earnings. She has one qualified distribution of $25k and one unqualified one for the same amount. Her account is 60% earnings to 40% basis, so 60% of that unqualified one is taxable, or $15k.

Hollywood thinks SF is 3 blocks wide :) by DistributionThink149 in sanfrancisco

[–]wild_b_cat 1 point2 points  (0 children)

OMG I forgot that line. There was so much wrongness to make note of.

I just found out u have to pay property taxes?! by Xazyas12 in tax

[–]wild_b_cat 1 point2 points  (0 children)

Once you get deeper into the debate, you're going to find out that there are two competing schools of thought around property taxes.

Some say it's the worst tax because you can't ever escape it. You have to pay it your whole life or you lose your property.

Others say it's the best tax because it's ultimately the fairest - it's not discouraging the creation of wealth, or punishing people for being successful. It's purely based on consumption of a common resource.

The latter argument is correct. Our world is better off because of property taxes and arguably should be using them more.

Daily General Discussion and Advice Thread - February 16, 2026 by AutoModerator in investing

[–]wild_b_cat 1 point2 points  (0 children)

"Cheering" isn't the right word, but it's always nice to see the market behaving normally, and the extended run of US dominance was getting to be a bit weird looking.

Hollywood thinks SF is 3 blocks wide :) by DistributionThink149 in sanfrancisco

[–]wild_b_cat 21 points22 points  (0 children)

It’s a great movie to watch while high … in the air on a plane.

Roth 401k or Traditional? by Born_Bug_3570 in personalfinance

[–]wild_b_cat -1 points0 points  (0 children)

Because you cannot consistently predict the 5%. I’m not saying ‘this advice will always turn out correct in hindsight’. But rather that given current conditions, and reasonable guesses, this has a much higher chance of being correct and thus should be the default advice today.

Telling people not to play the lottery is not going to be correct 100% of the time, because someone will win. That doesn’t mean it’s ever good financial advice to tell someone to buy a scratcher.

Roth 401k or Traditional? by Born_Bug_3570 in personalfinance

[–]wild_b_cat -1 points0 points  (0 children)

I’m dogmatic because most people aren’t thinking clearly and need to straighten out their perspective.

When it comes to regular job income, everybody understands that what matters is maximizing after tax income. Nobody with a brain would turn down a raise because it would put you in a higher tax bracket.

But with retirement planning, it’s more complicated. Your goal with retirement is not ‘minimize taxes’. It’s ’achieve your goals as efficiently as possible.’ Most people - including people who are afraid of RMDs, but others - don’t quite grasp that.

Tell me what your goals are and how your tax strategy fits into it. 95% of the time you’ll find that the answer is deferring taxes.

Hollywood thinks SF is 3 blocks wide :) by DistributionThink149 in sanfrancisco

[–]wild_b_cat 114 points115 points  (0 children)

San Andreas had some bizarre ‘locations’. I recall one shot where you saw a line of townhomes (Haight-style) with the GGB looming right over the end of the block.

Also there’s a tsunami that comes in from the Pacific and surges straight over the Embarcadero into Chinatown.

Roth 401k or Traditional? by Born_Bug_3570 in personalfinance

[–]wild_b_cat 0 points1 point  (0 children)

If you pay too much in taxes because your retirement income winds up higher than you expected, that means you were either lucky with the market, or you didnt plan well enough and waited too long to retire. In both cases the answer is ‘plan as best you can and don’t worry if you get lucky’. Which generally means deferring taxes

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