posted
I lost the majority of my "play" money this year on my poor decisions. I wonder if I should try to sell my entire portfolio which is all in the red? Would this benefit me at tax time? All my closed positions for the year will be accounted for but, it looks like the "open" positions will not be accounted for until closed?? Any advice is most appreciated!
Posts: 43 | From: Suffolk County NY | Registered: Feb 2005
| IP: Logged |
posted
You never truly have a gain or loss until you sell a stock. So anything you are holding in the red right now could be a potential tax help, but only if you've given up on the stock.
Ask yourself: 1) How badly do I need the write-off? 2) Could any of these "poor plays" pay off long-term if you hold them, or even turn around in Q1 or Q2? (you've already sunk the money in them)
I bet once you answer those 2 questions, you'll know what's best for you.
-------------------- ~-------------~ Don't sweat me. Posts: 52 | From: Delaware, USA | Registered: Dec 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
