The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Tax Help||Date: 10/11/2012 1:20 AM|
|Author: stockmover||Number: 116774 of 125197|
Many of our tax pros here will tell you not to let the tax tail wag the investment dog. However, since you are talking about very speculative stocks (penny stocks) with a substantial % loss I would advise as follows:
If you held these stocks for less than 1 year, I would advise selling them before year-end. For tax purposes these sales will be treated as short term losses and offset your ordinary income dollar for dollar. All other things being equal this will reduce your 2012 tax liability.
You need to review the purchase dates of each of these securities to see if they are held less than 1 year, and if so, sell them immediately.
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