As year end approaches you're either super busy or totally chill . Either way if you haven’t done this already, be sure to take a few minutes to complete this task by tomorrow 4 PM EST, or you may wish you did.
I am obligated to preface this last minute reminder by saying, “ I am not qualified to give tax advice and you should consult with your tax professional.”
And now that that’s out of the way let’s get cracking.
"If I am Curt with you its because time is a factor."
Check all of your accounts to see how much you have booked in capital gains this year. Log in, go to realized gains and losses and write down that number. If you do not have any losses carried forward from previous years, you’re going to have a tax bill.
(Check your tax return tonight or with your accountant TOMORROW if you don’t know off the top of your head).
EVEN worse, if you have unrealized losses that negate those gains and don't realize them in 2016, you'll likely have a tax burden on money that you didn't even make.
If you are in this situation :
"Think fast, act fast and you're gonna need to move FAST, if you wanna get out of this"
" So pretty please, with sugar on top "
Go back to your portfolio, and place orders to sell the losers before the market closes on December 30th. Ill get into the psychology surrounding the reluctance of selling losers another time. One of the biggest reasons is hope, and hope isn’t a tactic.
Taking losses is part of investing. Paying capital gains on money that you technically didn’t make is a lesson you do not want to learn the hard way.
Here is a link from Investopedia that pretty much sums it up:
This commentary is provided for information purposes only and does not pertain to any security product or service and is not an offer or solicitation of an offer to buy or sell any product or service. Unless otherwise stated, all information and opinion contained in this publication were produced by Allied Millennial Partners, LLC (AMP) and other sources believed by AMP to be accurate and reliable. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions are subject to change without notice.
All AMP employees, including research associates, receive compensation that is based in part upon the overall performance of the firm. AMP may have other financial interests in any given security with which this analysis suggests may be benefited from its conclusions. Investors should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Past performance does not guarantee future performance.
All content on this Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.
Third-Party Comments on AMP’s Blogs
Third-party posts do not reflect the views of AMP and have not been reviewed for completeness or accuracy. Any inappropriate or offensive comments should be reported to email@example.com