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Booking gains for tax purposes
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So I use a longer term horizon for my investing since I don’t have the time or skills to play the market. I need to book my gains in apple this year cause I’m a student and start work next year and therefore it will be taxed and capital gains taxes will likely increase next year. Since I don’t have income this year I figure booking the gains would yield a 25% benefit, but it means I have to be out of apple for at least a month. Obviously I would like to stay in apple long term but a 25% risk free gain can’t be passed up. I was thinking of selling all of it and buying a Leap while I wait out the month or something, any suggestions?
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So I use a longer term horizon for my investing since I don’t have the time or skills to play the market. I need to book my gains in apple this year cause I’m a student and start work next year and therefore it will be taxed and capital gains taxes will likely increase next year. Since I don’t have income this year I figure booking the gains would yield a 25% benefit, but it means I have to be out of apple for at least a month. Obviously I would like to stay in apple long term but a 25% risk free gain can’t be passed up. I was thinking of selling all of it and buying a Leap while I wait out the month or something, any suggestions?
Why do you have to be out a month? Wash sale rule only applies to losses.
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Oh, thanks a lot you solved this problem. I thought wash sale rules went both ways.
