MM+43

Yo Cam, I’m behind in the podcasts and deleted my Twitter so this is the only way I can communicate with y’all. But you can’t sell a stock and pick it up in 30 days or it negates your loss for the tax year. It’s called a wash sale. I even thought about buying the stock then dumping my loser shares FIFO and that still is a wash sale. Basically any transactions you make start a 30 day timer and to post losses against your income there has to be 30 days go by or it will not count. I even tried a strategy where I doubled down on my loser stocks that were way down and then tried to sell my loser shares after 30 days had passed and that actually worked for 1 stock only. The rest dropped even lower and I basically lost double the amount I would have had I just sold them. I wouldn’t mess around with this. I learned a lot about taxes this year. Basically it isn’t a straight tax percentage across the board. Your first bit of income is taxed at a certain percentage then if you make more up to a certain amount that is taxed at a specific rate, etc…. I made enough income that the last bit of money I made was taxed at 22%, which basically I could have counted as all my stock gains would have been taxed at 22%. When you think about it capital gains tax is only going to cost me a difference of 7% because the IRS is taking 15% no matter what. In my opinion and in my experience it’s not worth screwing around for 7% My suggestion is if it’s a company you have faith in, average down and then wait 30 days and if you need to sell your losers to take a loss sell them FIFO (First In First Out). There’s a few pieces of advice that you’ve said on your podcast that I will always remember. “I’d rather pay taxes on a gain then take a loss” and my favorite Kenny Coins saying “I’ve got winners that haven’t figured out how to win yet”.