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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Christopher Reed who wrote (604)12/6/1998 7:14:00 PM
From: Spots  Respond to of 1383
 
Just be warned that the 20% cap gains rate will kick
in as soon as your gross income, counting cap gains
at full value, passes the 15% bracket limit.

A good idea, but beware the traps. If you have a lot
of room between your income and the 15% top, think
about it; otherwise it might not be worth the trouble.

Incidentally, to take a GAIN you don't have to worry
about the wash sale rules, only to take a loss. You
can sell and buy back the same day to take a gain;
no need to wait 31 days.

Spots



To: Christopher Reed who wrote (604)12/6/1998 9:43:00 PM
From: Colin Cody  Read Replies (2) | Respond to of 1383
 
I agree with Spots fine advice, and would only add that you should "pencil in" a form 1040 or use your computer's software to do "what if" analysis.

Add in $5,000 of L-T gains to your expected 1998 return and see what happens. Then try $7,500 and so on. Identify the optimum level of L-T gains and take them!

Colin


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