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Is anyone else losing money besides me? - Page 10

post #181 of 188

make better decisions

I see that a lot of you guys are having a little trouble with these certain stocks. I know how it is, nobody is perfect, heck even I have had my bad days. To be honest, I've been investing for nearly 20 years, and I've had my fair share of losses, but ever since I started doing my own research and following certain stocks with a lot of potential, I've been making a living off of this. I've been successful with at least 75-80% of my picks this year, and I'm trying to finish this year with a BANG...I'm confident in the stocks that I own as of right now...any questions, feel free to ask...
post #182 of 188
Quote:
Originally Posted by ClearlyStocks
I took the profits of $350k so that means that taxes have to be paid on it (regardless that i lost it on another stock) Thats y i talked 2 lawyers and they told me i can write of $3k every year for 5 years (and maybe some more can be done for me because im a college student)
Ah, c'mon man! You already replied to my post saying that you understood this now!

Youngko also reiterated it. Thank you. My God, there is so much confusion on this issue, it's astounding. Not to mention, needlessly worrisome for everyone.

What we need is a great big ass sticky on this one point...

You only pay taxes on the NET capital gain for the YEAR. That means that if you made $1,000,000 in profit and lost $999,000 in the same year, you will ONLY pay taxes on $1000!

If you made $1,000,000 and lost $1,002,000, you will NOT pay taxes. Rather, you can use this $2000 loss to write it off as a deduction against other income OR future income!

Q: If I made $1,000,000 in LFZA and CSHD, but then lost all of it on FMLY and CSHD (lol), don't I have to first pay something like $350,000 in taxes for my gains, and THEN deduct up to $3000 for my losses?

A: NO!!!!!!!!!! That would be crazy! You made $1,000,000 and then lost all of it with bad trades. You have NO net income for the year. You do NOT, I repeat, you do NOT pay taxes if you do not have a net income of more than $0!!!!


Is this clear yet? Everyone needs to clearly understand this. If your lawyer is telling you to go consult with him because he thinks you have to pay 1/2 mil in taxes even though you ended up losing money, then your lawyer is whack, or he's ripping you off for consultation fees.
post #183 of 188
























J/K
post #184 of 188
Quote:
Originally Posted by stockafella
I see that a lot of you guys are having a little trouble with these certain stocks. I know how it is, nobody is perfect, heck even I have had my bad days. To be honest, I've been investing for nearly 20 years, and I've had my fair share of losses, but ever since I started doing my own research and following certain stocks with a lot of potential, I've been making a living off of this. I've been successful with at least 75-80% of my picks this year, and I'm trying to finish this year with a BANG...I'm confident in the stocks that I own as of right now...any questions, feel free to ask...
What stocks do you own?
post #185 of 188
Quote:
Originally Posted by amohedas
























J/K
post #186 of 188
Quote:
Originally Posted by amohedas
What stocks do you own?
yes do tell

post #187 of 188
Quote:
Originally Posted by stockafella
I see that a lot of you guys are having a little trouble with these certain stocks. I know how it is, nobody is perfect, heck even I have had my bad days. To be honest, I've been investing for nearly 20 years, and I've had my fair share of losses, but ever since I started doing my own research and following certain stocks with a lot of potential, I've been making a living off of this. I've been successful with at least 75-80% of my picks this year, and I'm trying to finish this year with a BANG...I'm confident in the stocks that I own as of right now...any questions, feel free to ask...
I'm waiting for the stocks as well, please.
post #188 of 188
Thread Starter 
Quote:
Originally Posted by Blooey
Ah, c'mon man! You already replied to my post saying that you understood this now!

Youngko also reiterated it. Thank you. My God, there is so much confusion on this issue, it's astounding. Not to mention, needlessly worrisome for everyone.

What we need is a great big ass sticky on this one point...

You only pay taxes on the NET capital gain for the YEAR. That means that if you made $1,000,000 in profit and lost $999,000 in the same year, you will ONLY pay taxes on $1000!

If you made $1,000,000 and lost $1,002,000, you will NOT pay taxes. Rather, you can use this $2000 loss to write it off as a deduction against other income OR future income!

Q: If I made $1,000,000 in LFZA and CSHD, but then lost all of it on FMLY and CSHD (lol), don't I have to first pay something like $350,000 in taxes for my gains, and THEN deduct up to $3000 for my losses?

A: NO!!!!!!!!!! That would be crazy! You made $1,000,000 and then lost all of it with bad trades. You have NO net income for the year. You do NOT, I repeat, you do NOT pay taxes if you do not have a net income of more than $0!!!!


Is this clear yet? Everyone needs to clearly understand this. If your lawyer is telling you to go consult with him because he thinks you have to pay 1/2 mil in taxes even though you ended up losing money, then your lawyer is whack, or he's ripping you off for consultation fees.
Thank You!!!!!!!! (I told my g*y lawyer to go F*ck himself hehe i feel better (Now talk about those stocks today. Crazy day)
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