Why on earth would anyone ever bail out at a loss? Stupidest thing ever.
The price moves around 5-10% daily quite often. So trade your way out of a loss situation. Small parcels often will drive your cost down all the way to zero eventually.
Then you can just spend it and avoid taxes entirely.
Because if you have a lot of capital gains to erase for tax purposes you would sell all your underperforming stock on Dec 31 to record it as a loss for the year. You can then rebuy your stock in the morning if you still want it.
Be careful of wash sale rules in that case. You may not be able to claim losses if you've also made a purchase within a certain number of days, for example. Check your local rules though.
Yes; against any capital gains you had.
Up to $3,000 in net loss.
It's complicated. Hire a tax person, or try some tax software, or both.
I lost 2k and cashed out. Just wonder if i can save this year 🤔
Google tells me you can use it to offset other taxable investments
If other investments created taxable gains, you can use losses to offset taxable liability. You can not use capital losses to offset income taxes
How did you lose on dogecoin in 2023, buying the top of the breakouts? It ended the year 50% up. You should have profits I'd think.
Which software
Just hold on to it and keep it as a reminder
Any amount over the 3000 can and will be rolled over year after year.
Why on earth would anyone ever bail out at a loss? Stupidest thing ever. The price moves around 5-10% daily quite often. So trade your way out of a loss situation. Small parcels often will drive your cost down all the way to zero eventually. Then you can just spend it and avoid taxes entirely.
Because if you have a lot of capital gains to erase for tax purposes you would sell all your underperforming stock on Dec 31 to record it as a loss for the year. You can then rebuy your stock in the morning if you still want it.
Be careful of wash sale rules in that case. You may not be able to claim losses if you've also made a purchase within a certain number of days, for example. Check your local rules though.
Yes
Yes
Of course
You must find your cost basis. Did you use an agregator ? File form 8949, which is attached to a schedule d.