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Filed: Citizen (apr) Country: Australia
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Posted
1 hour ago, Abcd1234 said:

Also if anyone have any suggestions how can i save on taxes, on capital gains on stocks, it would be very helpful,as i am completely new to this game, and any info would most likely be an information for me at this point. 

Thank you sooo much

Get a financial manager. 

Filed: Citizen (apr) Country: Australia
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Posted (edited)
1 hour ago, Abcd1234 said:

So the stocks that i purchased were in 2020, and i am thinking to sell them at profit now, so ofcourse taxes would be due next year. But just to get the idea , can i fill application at turbo tax for 2019 taxes with capital gains on investment just to check the numbers, and then can i go back and change info on it when i really file for 2019 tax returns? I mean it does allow you to go back and change right? Because i am thinking to file for 2019 taxes on their software as well now

Yes  just make sure you dint hit the FILE button until you are certain 

Edited by Lil bear
Filed: Citizen (apr) Country: Thailand
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Posted

How much in capital gains are you trying to "hide". Unless it is a large amount it should not be an issue. Most of the time people fall under the 15% capital gains tax, but once you get over about 125,000 in capital gains it can jump up into a 35% bracket. there are many options to avoid some or all of the capital gains. You can transfer into a retirement account ( IRA, 401K) to avoid taxes. now is really not the time to sell stocks, I bought over 20K worth a few weeks ago and will probably be paying off my house in a few years if I get lucky enough.

Here is a link to what you are looking for, and it even includes a calculator to help you out for 2019, and 2020 taxes. You can get 0% on capital gains in some instances, but it all depends on the amount we are talking about. Do you own rental properties or land? That is an easy place to hide gains. Honestly if it is under 10k, unless you really need the money, consider throwing it in a tax deferred retirement plan, that will benefit you down the road for sure. check out this link, it should have what you need....

https://www.nerdwallet.com/blog/taxes/capital-gains-tax-rates/

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Posted (edited)
39 minutes ago, Loren Y said:

How much in capital gains are you trying to "hide". Unless it is a large amount it should not be an issue. Most of the time people fall under the 15% capital gains tax, but once you get over about 125,000 in capital gains it can jump up into a 35% bracket. there are many options to avoid some or all of the capital gains. You can transfer into a retirement account ( IRA, 401K) to avoid taxes. now is really not the time to sell stocks, I bought over 20K worth a few weeks ago and will probably be paying off my house in a few years if I get lucky enough.

Here is a link to what you are looking for, and it even includes a calculator to help you out for 2019, and 2020 taxes. You can get 0% on capital gains in some instances, but it all depends on the amount we are talking about. Do you own rental properties or land? That is an easy place to hide gains. Honestly if it is under 10k, unless you really need the money, consider throwing it in a tax deferred retirement plan, that will benefit you down the road for sure. check out this link, it should have what you need....

https://www.nerdwallet.com/blog/taxes/capital-gains-tax-rates/

Thanks 4 suggestions, well i bought 26k worth of stocks, and i have about 4k profit on top of it. A big chunk of stocks are in airline industry and now i am worried even with bailout they may go close to bankruptcy. Even though they r still very down compared to couple of months ago , about 1/3. I dont really need money so i am debating myself if i should get out or stay in it, and depending on taxes ( that i never thought before) i am likely to make a decision. Given that there are no social security and Medicare deductions on stocks, i think 15% isnt that bad.

   What kind of stocks do you have. I kind of have feeling that bailout wouldn't save airlines as they r burning cash too much and they would need another one in couple of months and by that time stocks will probably go down again and that i may or may not invest that time again. Or maybe if taxes are too high leave them as it is. So just started researching taxes and stuff before i sell, i mean if it goes to where it was i may make 50k in profits but i am scared lol.

  I own a house which is my primary residence and is paid off, dont think it can play any role?

Edited by Abcd1234
Filed: Citizen (apr) Country: Thailand
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Posted
58 minutes ago, Abcd1234 said:

Thanks 4 suggestions, well i bought 26k worth of stocks, and i have about 4k profit on top of it. A big chunk of stocks are in airline industry and now i am worried even with bailout they may go close to bankruptcy. Even though they r still very down compared to couple of months ago , about 1/3. I dont really need money so i am debating myself if i should get out or stay in it, and depending on taxes ( that i never thought before) i am likely to make a decision. Given that there are no social security and Medicare deductions on stocks, i think 15% isnt that bad.

   What kind of stocks do you have. I kind of have feeling that bailout wouldn't save airlines as they r burning cash too much and they would need another one in couple of months and by that time stocks will probably go down again and that i may or may not invest that time again. Or maybe if taxes are too high leave them as it is. So just started researching taxes and stuff before i sell, i mean if it goes to where it was i may make 50k in profits but i am scared lol.

  I own a house which is my primary residence and is paid off, dont think it can play any role?

I think you should be in a good position to wait. Airlines are not going anywhere, people need to travel, and Air is probably one of the best ways. I went a little higher risk, ok I went all in on CCL ( Carnival) RCS( Royal) NCLH ( Norwegian), a little Hilton ( Hotel) and for some reason BOA ( Bank of America) that was a just for fun I think. For example, I bought all of these when the stock first dropped ( Carnival hit 7.90 a share, I bought at 8.00) same with the rest of these, all bought same day. Not less than 5 days later my 20k investment was worth over 42K, I had more than doubled my money, and as tempting as it was to cash out and make 20K I held on. Now, 4 days after the high everything crashed again and my portfolio value dropped to about 19K. So I was out a thousand dollars, It happened that fast, I was bummed out. I am now sitting on a little over 30K in value ( Thanks to Saudi's going big on Carnival Stock) and then a few other things brought me back into the game. I planned on long hauling this anyway, looking out 2-3 years minimum, but I am thinking a 70-80 percent return on initial investment.

If you haven't owned the stocks long term, then there is a different set of rules, I think if you hold them less than a year you will be at a higher rate. I know if you have held them long term like 5 years lets say, you can get that 0% capital gains. Review that page I sent you, I think it will have the breakdown on where the line is. It's a tough call, but most of the time long hauling it is the way to go. I am thinking 2 years before things really get back to where they were, hopefully sooner, but I have visions of CCL getting back to 50 plus a share, that I bought for 8 a share. I spent 2 full days all into the market like a day trader ( I still don't know how they do it, it's just too stressful for me) got in and got out, now I sit back and wait. Your choice, I haven't watched to airlines too much as I'm 90 percent in Cruise lines that are not even getting a bailout, but Airlines are a safe bet. I am thinking a few carriers may merge to save themselves, and there may be 1-2 that don't make it, but overall it is safe.

I am in the same boat, scared at how things will turn out, but if I lose 20k I lose. It was money I had saved, but if lost it isn't that big of a deal. It will suck, but lesson learned I guess.

Here on a K1? Need married and a Certificate in hand within a few hours? I'm here to help. Come to Vegas and I'll marry you Vegas style!!   Visa Journey members are always FREE for my services. I know the costs involved in this whole game of immigration, and if I can save you some money I will!

 

 

 

Posted
3 hours ago, Loren Y said:

I think you should be in a good position to wait. Airlines are not going anywhere, people need to travel, and Air is probably one of the best ways. I went a little higher risk, ok I went all in on CCL ( Carnival) RCS( Royal) NCLH ( Norwegian), a little Hilton ( Hotel) and for some reason BOA ( Bank of America) that was a just for fun I think. For example, I bought all of these when the stock first dropped ( Carnival hit 7.90 a share, I bought at 8.00) same with the rest of these, all bought same day. Not less than 5 days later my 20k investment was worth over 42K, I had more than doubled my money, and as tempting as it was to cash out and make 20K I held on. Now, 4 days after the high everything crashed again and my portfolio value dropped to about 19K. So I was out a thousand dollars, It happened that fast, I was bummed out. I am now sitting on a little over 30K in value ( Thanks to Saudi's going big on Carnival Stock) and then a few other things brought me back into the game. I planned on long hauling this anyway, looking out 2-3 years minimum, but I am thinking a 70-80 percent return on initial investment.

If you haven't owned the stocks long term, then there is a different set of rules, I think if you hold them less than a year you will be at a higher rate. I know if you have held them long term like 5 years lets say, you can get that 0% capital gains. Review that page I sent you, I think it will have the breakdown on where the line is. It's a tough call, but most of the time long hauling it is the way to go. I am thinking 2 years before things really get back to where they were, hopefully sooner, but I have visions of CCL getting back to 50 plus a share, that I bought for 8 a share. I spent 2 full days all into the market like a day trader ( I still don't know how they do it, it's just too stressful for me) got in and got out, now I sit back and wait. Your choice, I haven't watched to airlines too much as I'm 90 percent in Cruise lines that are not even getting a bailout, but Airlines are a safe bet. I am thinking a few carriers may merge to save themselves, and there may be 1-2 that don't make it, but overall it is safe.

I am in the same boat, scared at how things will turn out, but if I lose 20k I lose. It was money I had saved, but if lost it isn't that big of a deal. It will suck, but lesson learned I guess.

You bought at great price,  that will always be a plus. I have been watching CCL, at beginning i was like too big of a risk but now after watching few videos where they say CCL has secured money for a year, and airlines even after bailout seems risky, i sometimes thing hey man get ur 4k, and sit out lol. Lets see what i do. But yea the more risk the more reward.

 
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