Recent comments in /f/wallstreetbets

Competitive-Bag-6782 t1_jeet799 wrote

Reply to Can someone help me understand my taxes as an unprofitable day trader? by maidog6

The above states that you bought 2,187,608.44 in securities and sold them for a loss at 2,121,495.69. If you did not have any wash sales, then this would yield a loss of 2,121,495.69 - 2,187,608.44 = -66,112.75 Wash sales are treated as additional profit and therefore decrease the net loss. Thus, the net loss you are eligible to claim is -66.112.75 + 61,492.95 = -4,619.80 Unfortunately, this is above the 3,000 maximum per year that you are allowed to claim. You should be able to carry, the remainder of the loss forward to next year.

As others have stated, a wash sale occurs whenever you sell a security for a loss, but then repurchase it within 30 days. In these cases, the amount of the loss from the sale is applied to your new cost basis and is treated as a profit for tax purposes. For e.g., if you purchased 100 shares of a stock at $5 for $500, sold them for a $200 loss at $3 a share, and repurchased 100 shares at $1 a share for $100 within 30 days of the sale, you will not be able to claim the initial $200 loss. Instead, your cost basis on the 100 shares purchased will be $100 + $200 = $300 or $3 per share. Only once you sell those shares, will you be able to realize the loss based on the adjusted cost basis.

That said, you clearly do a lot of trading. As such, you should probably consider using a broker that allows specific share identification for shares sold. The IRS assume that if you do not specifically identify shares sold, that you are selling them in a FIFO (First In First Out) method. For e.g., if you buy 100 shares at $5, then buy 200 more shares at $2, and sell 200 shares at $3, the IRS will assume that you sold the initial 100 shares bought at $5 with 100 shares bought at $2 which would yield a net profit/loss of -$100. If you were specifically identifying shares sold, you could sell 33 shares from the 100 bought at $5 with 67 shares bought at $2 for a $1 profit. Note: with the FIFO method, you would incur a wash sale if you bought some more shares later.

9

Fuego1050 OP t1_jeet2te wrote

Reply to comment by ZealousidealFault468 in Canadian Securities Exchange to launch a senior listing tier for larger companies - Transition in May by Fuego1050

Kentucky just passed medical cannabis bill - 38/50 states now with a medical program.

Federal reform is an inevitability - which should create a crazy trading opportunity (3-4-5x IMO on the news) or investment 2-5 yr time horizon.

Tilray/sndl Can side, trulieve greenthumb verano USA side. I think usa side with better fundamentals rip to some crazy high - but well see

2

lUNITl t1_jeestc3 wrote

Reply to NFLX: Rising from the ashes or getting out of Junk by CranberryCurious8262

“Junk” is the biggest misnomer in investing. The credit is quantifiably less risky than the stock, but it gets called “junk” when the stocks get nice labels like “mid cap value” or “large cap growth”

Some retail morons will read this post and legitimately think “Netflix is no longer junk? Gonna go to the moon”

3

VisualMod t1_jeesmpq wrote

Reply to Which companies would you like to see go public? by Frequent-Baseball952

>I completely agree that ChickFilA and Crumbl Cookies would be excellent additions to wallstreetbets. Both companies have proven themselves to be extremely popular and profitable, and I believe we could make a lot of money by investing in them. However, I am not as bullish on Wawa due to their staffing issues. If they cannot efficiently staff their stores, it will eventually catch up to them in terms of profitability.

1

VisualMod t1_jeesm17 wrote

Reply to Which companies would you like to see go public? by Frequent-Baseball952

User Report
Total Submissions 1 First Seen In WSB 1 month ago
Total Comments 95 Previous Best DD
Account Age 1 month [^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.) [^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
1