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The Swarm Lounge
General Investing and Economics Discussion - No Politics
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<blockquote data-quote="LibertyTurns" data-source="post: 721651" data-attributes="member: 789"><p>If you sell under a year of buying it you owe short term capital gains. You pay at your tax bracket rate (10, 12, 22, 24, 32, 35, 37%). You can get punished by another 3.8% if you’re in the NIIT zone. Likely you’re not. If you’re churning like I am and have $60-80k short term gains, you might find yourself on the hook for $25-30k or more of taxes. Not a small sum.</p><p></p><p>Long term is likely 15% on the gain for you unless you’re making under $40k (Zero) or above $450k (20%).</p><p></p><p>You do have dividends if your stocks pay that and they can pay out short & long term gains- quarterly typically. Usually this is a small percentage unless you own a lot of stock.</p><p></p><p>If you have losers & dump them you can diminish the tax owed by lowering your gain but it only works in the same category. Short term for short term, long term for long term. You can’t use a long term loss to offset a short term gain, but you can carry over year to year and use your losses to reduce future years taxes on capital gains.</p></blockquote><p></p>
[QUOTE="LibertyTurns, post: 721651, member: 789"] If you sell under a year of buying it you owe short term capital gains. You pay at your tax bracket rate (10, 12, 22, 24, 32, 35, 37%). You can get punished by another 3.8% if you’re in the NIIT zone. Likely you’re not. If you’re churning like I am and have $60-80k short term gains, you might find yourself on the hook for $25-30k or more of taxes. Not a small sum. Long term is likely 15% on the gain for you unless you’re making under $40k (Zero) or above $450k (20%). You do have dividends if your stocks pay that and they can pay out short & long term gains- quarterly typically. Usually this is a small percentage unless you own a lot of stock. If you have losers & dump them you can diminish the tax owed by lowering your gain but it only works in the same category. Short term for short term, long term for long term. You can’t use a long term loss to offset a short term gain, but you can carry over year to year and use your losses to reduce future years taxes on capital gains. [/QUOTE]
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