Jump to content

Recommended Posts

Just now, ALWAYS CRUZIN said:

I made a big mistake last year. I purchased more Carnival stock. It went up nice and I sold it. At the end of the year I get a statement for the IRS. I was confused. It indicated all the sold stock was taxable including the money I paid for it not just the upside. Come to find out. I totally forgot it was funded via my IRA. So I sent in a return along with a letter explaining to the IRS how much of it I already paid taxes on and would not like to pay thiem on it again. I sent them copies of everything so they could see what happened. Sent it in in February. Still no reply. Checking on it, it says. In process. Cancelled that account and opened another NOT an IRA. I have 500 shares and my wife has 500 shares. The last 100 I purchased was just under $8.00

I also purchased 100 of Royals this year when it was super low. I am happy with that. Should of got more.

Link to post
Share on other sites
1 hour ago, jenf22 said:

I had this happen to me today.  I bought CCL yesterday at $11.64 and today my TD Ameritrade account shows I bought at $17.50.  I was SO confused!  After poking around I saw I had a $500 "wash sale adjustment".  I guess it's because I did sell CCL for a loss back in March and have bought and resold a couple of times since then.  Yet another example of me not knowing what I'm doing 🙂 

Ccl has not traded above 12.00 over the last week. Something is off. A wash sale only applies to your federal tax return form 1040 D.   Kind of odd but that 17.50 is close to a Canadien dollar exchange. 

Edited by taglovestocruise
Link to post
Share on other sites
1 hour ago, taglovestocruise said:

Ccl has not traded above 12.00 over the last week. Something is off. A wash sale only applies to your federal tax return form 1040 D.   Kind of odd but that 17.50 is close to a Canadien dollar exchange. 

Yeah, I don't know.  I had never heard of a wash before.  Looking at my CCL cost basis, it seems I've sold it at a loss 4 times since mid-March.  I had been dumping them all at the same time - so I'd take a gain in NCLH and/or RCL and accept the loss in CCL.  I don't think I'll dump anything at a loss anymore.  This is the first time I've really played in the market so I'm learning as I go. 

Link to post
Share on other sites
51 minutes ago, jenf22 said:

Yeah, I don't know.  I had never heard of a wash before.  Looking at my CCL cost basis, it seems I've sold it at a loss 4 times since mid-March.  I had been dumping them all at tNe same time - so I'd take a gain in NCLH and/or RCL and accept the loss in CCL.  I don't think I'll dump anything at a loss anymore.  This is the first time I've really played in the market so I'm learning as I go. 

 

Wash sales are for "substantially similar" securities as much as I can understand, how is RCL and NCl not "similar?" 

 

If they are all dropping for the same find it hard to pass a audit claiming they aren't "similar"  

 

My simple solution as I have started playing in and out on daily, actually hourly basis is to do it out of my retirement accounts as they are not taxable so loss get no credit and the gains no tax either LOL

Link to post
Share on other sites
46 minutes ago, jenf22 said:

Yeah, I don't know.  I had never heard of a wash before.  Looking at my CCL cost basis, it seems I've sold it at a loss 4 times since mid-March.  I had been dumping them all at the same time - so I'd take a gain in NCLH and/or RCL and accept the loss in CCL.  I don't think I'll dump anything at a loss anymore.  This is the first time I've really played in the market so I'm learning as I go. 

The way my broker (and I believe most others) handle wash sales is this:

 

Say you buy 100sh at $60 and later sell at $40 for $20/sh loss.  You then buy back within 30 days at $30.  Because you violated the wash sale rule recognition of the $20/sh loss for tax purposes is deferred until you sell the new stock and the broker shows the cost basis of the position as $50 ($30 purchase price + $20 deferred loss).  

Link to post
Share on other sites
6 hours ago, Jimbo said:

there is a fee when you buy a stock day 1 and then sell on day 3 for a lost and then bay again on day 5..............I'm told when I called  I have to wait 30 days to buy the same stock again after a lost.

 

I thought that is what day traders do. Guess not. I guess it means more like they buy at 10am a stock and then turn around and sell it at 4pm for a gain.(Same Day)

 

Seems strange to me too. I guess you can buy the same stock every other day if you like but it's after you sell for a lost you can't buy the same stock without a fee inless it's 30 days later. It was like a $75.00 fee/charge.

 

As another mentioned the "fee" you are confusing is likely the tax liability on a gain versus being offset by a loss on another trade.   

 

Ever since one brokerage went to no fees, there is now NO commission / fee for buying or selling shares even if you do it daily. So it is a great time to be buying anywhere from 1 share of Amazon to 10,000 shares of CCL, LOL

 

You are free to buy any stock again even after selling it, but you simply can't take an income credit on the loss if you buy it again in 30 days.

 

It is actually a fun time with many stocks moving 1-3% a day and sometimes that much between a few hours.   Even in a down day one can make easily 1-3% on your money, are you a gambler and fearless?

 

Since you can now buy 1 share of AMZN or 3 shares of APL for no more in free fee than a 1000 shares of CCL you are better off gambling on high stock with high daily variation than the cruise line which make big moves based on some larger macro-economic news or such.  

 

Nothing here is classical investment!  Since I got out in January I've been dabbling every day and never leaving anything overnight and most definitely NOT over weekend, but that costs you obviously a little to.  

 

 

CCL.JPG

NCLH.JPG

RCL.JPG

amzn.JPG

apple.JPG

Edited by chipmaster
Link to post
Share on other sites
3 hours ago, ALWAYS CRUZIN said:

I made a big mistake last year. I purchased more Carnival stock. It went up nice and I sold it. At the end of the year I get a statement for the IRS. I was confused. It indicated all the sold stock was taxable including the money I paid for it not just the upside. Come to find out. I totally forgot it was funded via my IRA. So I sent in a return along with a letter explaining to the IRS how much of it I already paid taxes on and would not like to pay thiem on it again. I sent them copies of everything so they could see what happened. Sent it in in February. Still no reply. Checking on it, it says. In process. Cancelled that account and opened another NOT an IRA. I have 500 shares and my wife has 500 shares. The last 100 I purchased was just under $8.00

This doesn't make sense.  If you purchased and sold the stock inside an IRA any resulting gain or  loss is not a taxable event.  Assuming your are over age 59 1/2 if it's a traditional IRA you only pay tax when you withdraw funds from the account.  If it's a Roth withdrawals are not taxed at all.  Suggest you check with your broker. 

Link to post
Share on other sites
On 5/15/2020 at 3:13 PM, taglovestocruise said:

Ccl has not traded above 12.00 over the last week. Something is off. A wash sale only applies to your federal tax return form 1040 D.   Kind of odd but that 17.50 is close to a Canadien dollar exchange. 

Aarp will do some very complex tax returns for free here... with some exceptions. I had done a wash sale accidentally and it required another form and they were nope, we wouldnt do it, go pay a cpa.

 

With the news today about vaccine trials by MRNA, cruise stocks and almost everything else is flying. They said something 2 doses and people had antibodies as the same as if they recovered from covid. Might get thru phase 2 and 3 in time to produce some by the time school starts in the fall. Probably optimistic but still very good news about safer cruises.

20200518_095606673.jpeg

Link to post
Share on other sites

Chip master I see you say simply dont report the loss.

 

If you have your taxes done, etrade for one reports every sale and my preparer saw it. You cant just ask your preparer to pretend he didnt see it, at least I couldnt.

 

Maybe you do your own taxes? But it's there on the year end statement i get from etrade

Link to post
Share on other sites
On 5/15/2020 at 6:34 PM, Baron Barracuda said:

This doesn't make sense.  If you purchased and sold the stock inside an IRA any resulting gain or  loss is not a taxable event.  Assuming your are over age 59 1/2 if it's a traditional IRA you only pay tax when you withdraw funds from the account.  If it's a Roth withdrawals are not taxed at all.  Suggest you check with your broker. 

I agree, if it's a trade in an IRA/401k/Roth account does not trigger a taxable event.

Link to post
Share on other sites
10 minutes ago, nelblu said:

I agree, if it's a trade in an IRA/401k/Roth account does not trigger a taxable event.

I am 74 and the total amount I received I put into my checking account was taxable. I did not leave it in the account. I took it out. What TD Ameratrade sent to the IRS was a taxable amount, the total. I sold all the Royal stock and then closed out the account and opened another.  This amount included the money I sent to my TDA account from my checking account, which was after tax money. Again, I forgot it was an IRA.

Link to post
Share on other sites
30 minutes ago, firefly333 said:

Aarp will do some very complex tax returns for free here... with some exceptions. I had done a wash sale accidentally and it required another form and they were nope, we wouldnt do it, go pay a cpa.

 

With the news today about vaccine trials by MRNA, cruise stocks and almost everything else is flying. They said something 2 doses and people had antibodies as the same as if they recovered from covid. Might get thru phase 2 and 3 in time to produce some by the time school starts in the fall. Probably optimistic but still very good news about safer cruises.

20200518_095606673.jpeg

Yea, thats a game changer if they can to phase 3 trials by july.  not a slam dunk to get everyone vaccinated this year, but enough to put out the hot spots, vaccinate healthcare workers, etc. which would most likely prevent a second outbreak.  Great news!

Link to post
Share on other sites
35 minutes ago, 20165 said:

Yea, thats a game changer if they can to phase 3 trials by july.  not a slam dunk to get everyone vaccinated this year, but enough to put out the hot spots, vaccinate healthcare workers, etc. which would most likely prevent a second outbreak.  Great news!

 

LOL, irrational optimism

Link to post
Share on other sites

I took the profits. I am very bullish long term, but short term I see $35 before I see breaking the $50 barrier. I will take my profits, rebuy in the $30s with a 20% plus number of shares. Did the same with CCL.

Link to post
Share on other sites
19 minutes ago, chipmaster said:

 

LOL, irrational optimism

Well, im pretty sure the market is also optimistic about it as well based on the movement.  What are your data points as to why thats too optimistic?

Link to post
Share on other sites
2 hours ago, nelblu said:

Stock is popping today $5.85 as of 10.23.  Positive looks towards Moderna Pharma having positive results with it's Covid 19 vaccine.  Only hoping for success.

Glad I bought some Moderna stock a couple of months ago at $29 😁

Link to post
Share on other sites
17 minutes ago, 20165 said:

Well, im pretty sure the market is also optimistic about it as well based on the movement.  What are your data points as to why thats too optimistic?

If you just the gyrations of this market of evidence of anything is likely a fools game.  Every time there is even a rumor of progress toward a treatment or a vaccine the equity market grabs it and runs.  And conveniently, the news is dropped just before pre-market trading ramps up.

As of this morning, a whopping total of 8 people have been vaccinated.  8.  2 doses and antibodies present.

Just like the 8 sailors on the Teddy Roosevelt who now have the virus for the second time.

Link to post
Share on other sites
1 hour ago, ALWAYS CRUZIN said:

I am 74 and the total amount I received I put into my checking account was taxable. I did not leave it in the account. I took it out. What TD Ameratrade sent to the IRS was a taxable amount, the total. I sold all the Royal stock and then closed out the account and opened another.  This amount included the money I sent to my TDA account from my checking account, which was after tax money. Again, I forgot it was an IRA.

I went back to your original post/explanation and from your description you seem to liquidate a non-deductible IRA and what was sent to the IRS included your contribution or basis.  If so, you needed to complete form #8606 "Nondeductible IRAs." and identify taxable vs non-taxable amounts.

 

Also, assuming TD Ameritrade issued a 1099R.  TD does not know how you treated your contribution, therefore it's up to you to identify and report accordingly.

 

Maybe not factual, just assuming.

Link to post
Share on other sites
1 hour ago, ALWAYS CRUZIN said:

I am 74 and the total amount I received I put into my checking account was taxable. I did not leave it in the account. I took it out. What TD Ameratrade sent to the IRS was a taxable amount, the total. I sold all the Royal stock and then closed out the account and opened another.  This amount included the money I sent to my TDA account from my checking account, which was after tax money. Again, I forgot it was an IRA.

I believe what you're saying is the stock was held in a traditional IRA.  When you sold it you had broker send you a check which counts as an IRA withdrawal.  Then you deposited the funds along with other money into a regular taxable account.  If this is true then the tax you owe tax is on the IRA withdrawal not the stock sale.  Assuming the IRA was funded solely through pre-tax contributions the entire withdrawal is taxable.

 

Link to post
Share on other sites
9 minutes ago, crzndeb said:

Glad I bought some Moderna stock a couple of months ago at $29 😁

I made out like a bandit on APT, I'd held from my old trading stock days. I paid 2.18 and sold around 35. Of course it probably sat there barely moving for 10 years. It makes masks. I try and buy and hold but when a stock pops that much, you won the lottery, cash in the ticket. It's now sitting around 15 or 16, still a lot more than I ever saw it at. 

 

Otherwise my retirement would be in a lot worse position except for that huge winner.

 

Trading complicates my taxes too much, now I was trying to just buy and hold. Ouch lately. 

 

But unfortunately I have rcl and ccl, more ouch. Rcl actually about even, I've had it over 10 year, maybe 15. Ccl down.

Link to post
Share on other sites
2 hours ago, crzndeb said:

Glad I bought some Moderna stock a couple of months ago at $29 😁

I bought at $38........I wish I had bought more though. I knew it was going to go sky high this morning, read over the weekend about the trials going well, anyone know if I could have bought it before the bell rings? I got to the computer this moring late though, 9am it was already in the 80's. Last night it was $66 and I was going to buy more at the price but scared off now at $80.

Link to post
Share on other sites

Q1 Earnings Report conference call today at 10am 

 

"Royal Caribbean Cruises Ltd. (NYSE: RCL) has scheduled a conference call for 10:00 a.m. Eastern Daylight Time, Wednesday, May 20, 2020, to provide a business update.  The call will be available on-line at the company's investor relations website, www.rclinvestor.com.  To listen to the call by phone, please dial (877) 663-9606 in the US and Canada.  International phone calls should be made to (706) 758-4628. There is no passcode or meeting number. A replay of the webcast will be available at the same site for a month following the call."

Link to post
Share on other sites
23 hours ago, Jimbo said:

I bought at $38........I wish I had bought more though. I knew it was going to go sky high this morning, read over the weekend about the trials going well, anyone know if I could have bought it before the bell rings? I got to the computer this moring late though, 9am it was already in the 80's. Last night it was $66 and I was going to buy more at the price but scared off now at $80.

Time for a trailing stop loss, let the market take you out. Next company that announces a vaccine will trigger a Moderna sell off.  Pigs get slaughtered are words to the wise.. 100% profit is awesome.. 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Forum Jump
    • Categories
      • Forum Assistance
      • Q&A with the Quark Expeditions Team: New Ship Ultramarine
      • New Cruisers
      • Cruise Lines “A – O”
      • Cruise Lines “P – Z”
      • River Cruising
      • ROLL CALLS
      • Digital Photography & Cruise Technology
      • Special Interest Cruising
      • Cruise Discussion Topics
      • UK Cruising
      • Australia & New Zealand Cruisers
      • North American Homeports
      • Ports of Call
      • Cruise Conversations
×
×
  • Create New...