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Investing • Page 60

Discussion in 'Politics Forum' started by Henry, Jan 27, 2021.

  1. manoverboard365

    Trusted

    It's been a bloodbath for me. My portfolio is down over 50% from a couple of months ago.

    Tempted to buy today but I'm really nervous that this isn't the lowest point it'll hit.
     
    Richter915 likes this.
  2. Ken

    entrusted Prestigious

    No one is ever going to time the bottom of a bear market/correction perfectly. You also don't have to spend all your cash in one day.
     
    Richter915 likes this.
  3. bedwettingcosmo

    i like bands who can't sing good Supporter

    down 46% over the past year lol. just gonna wait it out
     
    Richter915 likes this.
  4. the rural juror

    carried in the arms of cheerleaders

    Trying to time a top or bottom is pure luck. Your safest bet is to dollar-cost average. Buy on a set schedule (when you get paid, for example) and don’t worry about what’s happening on any given day.
     
  5. stars143

    Trusted

    The S&P 500 is up 11.34% over the past 12 months.
     
  6. ReginaPhilange

    Trusted Prestigious

    Number go down. Next 18 months are gonna be greeeeat :/ (I know in the long run it doesn’t matter but there’s that irrational annoyance in the back of my mind still)

    currently trying to figure out IRA shit to see what could potentially save me money on taxes and I can feel my soul leaving my body even having to think about this stuff.
     
  7. theagentcoma

    yeah good okay Prestigious

    Yeah same this is the first year I've had to think about that stuff when doing taxes
     
  8. seimagery

    instagram.com/thekissingglow/

    Very skeptical of the longevity of crypto, but a good friend I respect has talked me into dipping my toes in. Going to buy and hold Bitcoin for a long time. What exchanges you guys use? I’ve heard good and bad things about coinbase, coinbase pro, kraken, etc…
     
    LightWithoutHeat likes this.
  9. LightWithoutHeat

    You're not a teammate on my team

    River and Swan are good. Cash app isn't bad either. Strike has very low to non-existent fees.

    Make sure you get a hardware wallet and learn how to use it so you can control your own keys.
     
    sawhney[rusted]2 likes this.
  10. David87

    Prestigious Prestigious

    My travel stocks have had a good couple of days!
     
  11. David87

    Prestigious Prestigious

    What are the rules for reporting for taxes? For example, if I gained a little bit on my dogecoin nonsense earlier this year, but finished down overall because of other stocks I bought and then sold at a loss, do I need to go through the trouble of reporting all that since I technically lost money on my investments? Or because I finished up in one stock but down in another, they're separate and i still have to report that income?

    I guess to simplify the question...if my losses are larger than my gains, does it need to be reported?
     
  12. jols

    Trusted Prestigious

    you gotta show all the losses and all the gains. form 8949
     
    Richter915 likes this.
  13. sawhney[rusted]2

    I'll write you into all of my songs Supporter

    I would it gives you a tax benefit and you can carry forward the losses to future years
     
  14. theagentcoma

    yeah good okay Prestigious

    So a life hack when doing taxes is to lose money in stocks? Fkin checkmate and King me then
     
    Richter915 likes this.
  15. David87

    Prestigious Prestigious

    what does carry forward mean? Haha
     
  16. ReginaPhilange

    Trusted Prestigious

    you should report all gains and losses for last year and you'll have a net loss that can be deducted up to $3,000 from your taxes, anything past that can be "carried over" to the next to be deducted as well. You do have to report everything though.
     
    David87 and Richter915 like this.
  17. ReginaPhilange

    Trusted Prestigious

    For crypto you'll probably need to use some kind of service that will calculate cost basis if you were trading between coins, not sure if you'll need those for simply buying and selling with fiat currency though. Stocks you should have gotten a 1099 from your broker. Whatever tax service you're using should take all of that into account for returns.
     
    David87 and Richter915 like this.
  18. the rural juror

    carried in the arms of cheerleaders

    Talk to a tax professional. This stuff can get complicated and the cost of fucking it up can be high.
     
  19. theagentcoma

    yeah good okay Prestigious

    Yeah I might actually need to get help this year with taxes, lots of nonsense alongside this stuff
     
  20. David87

    Prestigious Prestigious

    [​IMG]
     
    Richter915 and ReginaPhilange like this.
  21. theagentcoma

    yeah good okay Prestigious

    Not even gonna look lol
     
    ReginaPhilange likes this.
  22. ReginaPhilange

    Trusted Prestigious

    I habitually check Mint which I'm gonna have to stop doing for a little while. Yeesh.
     
  23. Henry

    Moderator Moderator

    I'm just gonna be buying. My stuff is all in the red except for Nokia for some reason. lol
     
  24. David87

    Prestigious Prestigious

    Yeah i was gonna void looking but robinhood push notifications had other plans. Guess I should have deposited more so I could buy more stuff
     
  25. Richter915

    Trusted Prestigious

    It's much worse than I expected. But apparently wartime economy is good for investing so...blood money here I come
     
    Fronnyfron likes this.