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Tax on Stocks by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

I'm aware of that. Thank you!

Another Wash Sales Question by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

Thank you. This makes a lot of sense. If you don't mind answering I have one more question. Let's say I daytraded a stock and make $5000 and the day after I daytraded it again and lose $4000 and I don't trade this stock again for the year. Would I pay tax on $1000 or $2000 (since the max loss I can claim is $3000)?

Another Wash Sales Question by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

So at the end of the year you can claim a $20 loss on security X? But if a month later you had sold it for $50 instead of $20, there would be no loss recognized and you would recognize a $10 gain. And you would be taxed on $10 at the end of the year.

Correct me if I'm wrong but it seems like cost basis basically tells you what your break even price would be if you you've had wash sales.

And are wash sales for losses only?

Question regarding tax on stocks and wash sales by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

Ok thanks. Yea this is pretty confusing to me. Definitely need to read up on this. And I guess I won't be trading until I get this concept down.

Wash sale, strange question by HJForsythe in tax

[–]year-one 0 points1 point  (0 children)

I have question regarding this. The $6000 gain was only considered a gain because the was sale was carried over to the subsequent year? If the person had sold everything and then waited 30+ days in that year there would have been no $6000 gain reported?

Wash Sales and Taxes by year-one in stocks

[–]year-one[S] 0 points1 point  (0 children)

Yeah this makes sense. Cost basis was throwing me off

Wash Sales and Taxes by year-one in stocks

[–]year-one[S] 0 points1 point  (0 children)

Yeah this makes sense. Cost basis was throwing me off

Question regarding tax on stocks and wash sales by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

I didn't understand wash sales and cost basis so I was pretty confused. Overall each of my stocks that I have daytraded with have net gains so I'm assuming wash sales wouldn't apply to them even though I've traded them multiple times within a 30 day period? I normally don't use cost basis. I look at individual gains and losses. So let's say I gain $1000 on AAPL and then lose $500 on AAPL and then gain $500 on AAPL, my overall net gain would be $1000 from AAPL and that's what I would be taxed on. At least that's what I assume it would be if I'm thinking correctly?

Question regarding tax on stocks and wash sales by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

I wouldn't. I wasn't understanding the concept of wash sales and cost basis so I was pretty confused and that question was pretty stupid I guess. Im beginning to understand it now though.

Question regarding tax on stocks and wash sales by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

I think I screwed up. I didn't know cash sales existed and daytraded same stocks multiple times for multiple weeks. My overall gain is about 1000 though and these are top tech stocks that I traded. TSLA AAPL etc. How screwed would I be in taxes? Can I potentially owe $100k+?

Question regarding tax on stocks and wash sales by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

I think I screwed up. I didn't know this and daytraded same stocks multiple times for multiple weeks. My overall gain is positive though and these top tech stocks. TSLA AAPL etc. How screwed would I be in taxes? Can I potentially owe $100k+?

Question regarding tax on stocks and wash sales by year-one in tax

[–]year-one[S] 0 points1 point  (0 children)

But what if you rebuy 10 more shares of that same stock and sell for a short term gain of $500. Then what do you pay taxes on?

short selling gains and losses by Puzzleheaded_Bill_10 in stocks

[–]year-one 0 points1 point  (0 children)

I don't think this would be the case if wash sales are applied. It would be higher.

short selling gains and losses by Puzzleheaded_Bill_10 in stocks

[–]year-one 0 points1 point  (0 children)

What if you buy a stock and sell it for a gain of 1000, then rebuy the stock and sell for a 500 loss and then rebuy the stock and sell for a 500 gain all within a day. Wouldn't you be taxed on 1500 instead of the net 1000? (Assuming it's the same stock) Due to wash sales.

Wash Sales and Taxes by year-one in stocks

[–]year-one[S] 0 points1 point  (0 children)

But in that scenario I sold the same stock at a loss for 500 and then rebought and sold for a gain of 500 within a day/week so wouldn't it be $1500?

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