Bitcoin is still early

[NapoleanDynamite]

that 50 k in losses can offset 50k of gains in one year, that part is not limited to 3k. If the TLH is of short term losses, they can offset short and long term gains. The 3k limit is only for income after accounting for gains. So yes you can TLH a lot more. And yes when the market dipped in march, I TLH another 10k this year. And will continue to do so to offset my eventual gains when I start selling in retirement, while taking the 3k income offset in the mean time.

Wow...you see...this is useful information. Thank you. Since I’m still in the accumulation phase of my life I haven’t even thought about realized gains yet. I already pay way too much in taxes and realizing any more is not what I’m trying to do. But, I guess I will have to stop being lazy about it for my future self and get back on the TLH wagon. That’s really what it comes down to. Laziness at something I saw little value in.

[jacoavlu]

Here is a link to the IRS tax loss harvesting site:

https://www.irs.gov/taxtopics/tc409

it's right there in the link you kindly shared.

The term "net long-term capital gain" means long-term capital gains reduced by long-term capital losses including any unused long-term capital loss carried over from previous years.

[NapoleanDynamite]

it's right there in the link you kindly shared.

The term "net long-term capital gain" means long-term capital gains reduced by long-term capital losses including any unused long-term capital loss carried over from previous years.

Yes it is. I always understood this to be capped at 3k though. Like most of the IRS wording, it is clear as mud to me. Even reading this sentence now, it takes me 3-4 readings to understand it clearly. Either way, happy to have this pearl going forward.

[CordMcNally]

Yes it is. I always understood this to be capped at 3k though. Like most of the IRS wording, it is clear as mud to me. Even reading this sentence now, it takes me 3-4 readings to understand it clearly. Either way, happy to have this pearl going forward.

That's only the maximal amount that can be used to reduce your taxable income but you can cancel out an infinite amount of gains, if that makes sense.

[G]

Yes it is. I always understood this to be capped at 3k though. Like most of the IRS wording, it is clear as mud to me. Even reading this sentence now, it takes me 3-4 readings to understand it clearly. Either way, happy to have this pearl going forward.

Ok, for the record, thanks for this acknowledgment. But I still disagree with you on most everything else in this thread.

Even when you are in the accumulation phase, TLH can be useful. I had a stock that was acquired by another company. No prob, right, these mergers happen all the time with no tax consequences. Well the way this deal was structured, I ended up booking a significant LTCG (and still had to buy the parent company). Nothing like being given unneeded cash at 23.8%....

[jacoavlu]

tax loss harvesting beyond the yearly 3k ordinary income offset trades a lower basis and potentially greater future tax, for near term flexibility. Maybe you have unrealized gains in an asset you want to get out of. Or you need to liquidate for a large expense. Having the ability to do so and negate the tax with carryover losses can be a great benefit

[G]

tax loss harvesting beyond the yearly 3k ordinary income offset trades a lower basis and potentially greater future tax, for near term flexibility. Maybe you have unrealized gains in an asset you want to get out of. Or you need to liquidate for a large expense. Having the ability to do so and negate the tax with carryover losses can be a great benefit

all true, but when it came time to cash out my "mortgage payoff account"--even with banked TLH--I just couldn't do it! good thing, because I had that forced liquidation the following year.

[Brains428]

Saylor was trying to convince Musk to convert the Tesla balance sheet from dollars to BTC today on Twitter. I'd say that's crazy talk, but it is Musk...

[CordMcNally]

Saylor was trying to convince Musk to convert the Tesla balance sheet from dollars to BTC today on Twitter. I'd say that's crazy talk, but it is Musk...

That would be the ultimate 2020 move. But, if I were investing as much money in Bitcoin as Saylor, I'd also try to be convincing billionaires to convert their wealth into Bitcoins.

[jacoavlu]

to be clear Saylor was only responding to this tweet from Musk lol

https://twitter.com/elonmusk/status/1340581313406001153?s=21

[CordMcNally]

to be clear Saylor was only responding to this tweet from Musk lol

https://twitter.com/elonmusk/status/...406001153?s=21

I would like to see the debate Peter Schiff suggesting take place in front of the Tesla board.

[jacoavlu]

I would like to see the debate Peter Schiff suggesting take place in front of the Tesla board.

what is Peter Schiff suggesting? gold?

[CordMcNally]

what is Peter Schiff suggesting? gold?

I'd love to find out.

[burritos]

what is Peter Schiff suggesting? gold?

To achieve wealth, just do opposite what Schiff is recommending.

[Brains428]

to be clear Saylor was only responding to this tweet from Musk lol

https://twitter.com/elonmusk/status/...406001153?s=21

I almost posted it here, but didn't want to get into trouble if it was NSFW.

Bloomberg has picked up this little conversation, though.

Musk also knows how to rile up a base. I'm sure he's gonna do his best to not let TSLA go the way of Yahoo.