Madharry, I sold MOGIF at a loss in November. Have EDVMF. As I followed you into it, I will follow you out -- after Dec. 31 though. I'm trying not to take any more gains in '07. Searching still for tax loss candidates. A trade-off with Canroys: Have large short-term losses with many Canroys; not so willing though to be out 31 days with such high div. payers. (They could bounce in a Jan. effect.)
Just odd. 2007 eems to be among my worst years this decade for stock market performance. Yet I have humongous ("humongous" by my history/lifestyle/assets) taxable gains to report -- my largest ever. And will likely have a huge AMT to pay. Is what happens I guess when a large account ("large" for me anyway) is cleared up and reduced. Taxes on stocks held for 1,2,3,4,5,6,7,8 etc. years must be paid when eventually sold. I'm guessing with AMT, my effective fed tax rate will be closer to 25%-35% than 15% commonly suggested for USA long-term capital gains payers. And I could be subject to state AMT tax too. (Seems like being subject to AMT means I'll be foregoing any and all deductions for adjusted gross income which I was counting on before my stock sales.) I've reserved a huge chunk of cash I received from stock sales to pay Jan 15 estimated fed/state tax due. So, since my stocks (i.e. my taxable portfolios) didn't go up near 25%, paying 30% or more to feds/state gov't from stock sales effectively means my portfolios' total value at year-end 2007 will be much less than seen at Dec. 31, 2006. |
