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Please help as I need to know this before I make some trades that will definately effect my taxes for next year:
I have 200K of GZFX. I want to hold 150K long term (more than a year) and day trade the other 50K. The 150K that I hold I want to hold so that when I sell them after a year I will only get taxed at 15% instead of at my going tax bracket rate. So my question is, if I daytrade the 50k shares numerous times, will this effect the other 150K shares status as a long term hold for the tax advantage? Any help will be appreciated. Thanks
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McD-Most places will let you spedify, First In/First Out, Maximum gain, Minimum gain or differentiate some other way. If that is not available where you trade you could transfer the shares you want to keep long term to another account (even open another account just for that purpose-just make sure they don't have a maintenance fee if you will not be trading enough from it). I had Brokerage America and switched to Freetrade which doesn't have this kind of option for selling stocks. I have a similar situation with LBTT and am planning on transferring all my shares to my etrade account so I can sell the shares I want to and keep 100-250K for long term tax benefits to give to World Vision-get the tax advantage on the write off and help lots of AIDS orphans in Africa. GLTY and hope this helps-Debi
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I have Freetrade also so I don't know what I am going to do. Maybe will have to open another account. Anyone else have an idea?
quote:Originally posted by WWJD-thru-me: McD-Most places will let you spedify, First In/First Out, Maximum gain, Minimum gain or differentiate some other way. If that is not available where you trade you could transfer the shares you want to keep long term to another account (even open another account just for that purpose-just make sure they don't have a maintenance fee if you will not be trading enough from it). I had Brokerage America and switched to Freetrade which doesn't have this kind of option for selling stocks. I have a similar situation with LBTT and am planning on transferring all my shares to my etrade account so I can sell the shares I want to and keep 100-250K for long term tax benefits to give to World Vision-get the tax advantage on the write off and help lots of AIDS orphans in Africa. GLTY and hope this helps-Debi
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McD-Did you also have BrokerageAmerica? I really liked the look to their pages it made it so easy to know what was up with your account. I opened an etrade account to use during the transfer and like it enough to trade with it a lot even though it is $10 a trade vs. free. I don't like adding to my positions in freetrade because it will be a mess trying to figure out what was sold. So I buy pure daytrades and new stocks in it. I also trade with mytradz for my sisters accounts and it is only 200 to open an account there. they say they have a surcharge for over 9K shares traded but I haven't been hit with one yet. SO it is about $8 but you have to call in most pinks. they do trade LBTT and some others that have a quote. GLTY-Debi
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