Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Next Thread
Author: TurkeyBreath Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 122300  
Subject: Capital Gains Tax Rates Date: 1/6/2001 3:51 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
TMF Taxes,

Concerning your Jan 5,01 article Capital Cains Tax Rates to apply to stocks for "super-long-term" capital gains. May this apply to capital loss too? May I pretend to sell currently held stocks and claim a capital loss this year? And pretend to buy them back for them to qualify for "super-long-term" capital gains when I really sell them > 5 years from the pretend buy backs?

How does the wash-sale rule work within the context of the above questions?

Thanks,

TB
Print the post Back To Top
Author: JABoa Big gold star, 5000 posts Feste Award Nominee! Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 43993 of 122300
Subject: Re: Capital Gains Tax Rates Date: 1/6/2001 4:32 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 2
TurkeyBreath: ...may I pretend...

Honest Abe Lincoln once asked some yokel a question. "If I pretend a dog's tail is a leg, how many legs does it have?" "Five," says the yokel. "Nope," says Abe, "pretending a dog's tail is a leg don't make it a leg."

I personally like to pretend my net worth is $400 million and that Blythe Danner is coming over tomorrow to clean up my apartment, tune the harpsichord, and spend a night of passion with me. None of those has ever happened, not even the tuning the harpsichord part.

Print the post Back To Top
Author: phooley Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 43996 of 122300
Subject: Re: Capital Gains Tax Rates Date: 1/6/2001 4:56 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
TB,

You asked Roy Lewis:

Concerning your Jan 5,01 article Capital Cains Tax Rates to apply to stocks for "super-long-term" capital gains. May this apply to capital loss too?

You evidently didn't read the part of Roy's article where he addressed this point:

Be warned, though: If you elect to "sell and repurchase," any gain is recognized (and taxable), and any loss would not be allowed.

In other words, "No!"

Hope that helps,
Phooley

Print the post Back To Top
Author: goodeeds Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44006 of 122300
Subject: Re: Capital Gains Tax Rates Date: 1/7/2001 8:37 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
JABoa
...not even the tuning the harpsichord part.

Great answer!

Print the post Back To Top
Author: TurkeyBreath Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44008 of 122300
Subject: Re: Capital Gains Tax Rates Date: 1/7/2001 11:35 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
...Be warned, though: If you elect to "sell and repurchase," any gain is recognized (and taxable), and any loss would not be allowed...

Pholley,

Thanks, it does help, and in my excitement I missed the warning. It was just too good to be true.

TB



Print the post Back To Top
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Next Thread
Advertisement