tag:blogger.com,1999:blog-6318055043707993918.post5174997417378553231..comments2024-02-20T02:12:18.090-05:00Comments on THE WANDERING TAX PRO: CAPITAL GAINS AND NEW JERSEY STATE INCOME TAXRobert D Flachhttp://www.blogger.com/profile/06034127763662917220noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6318055043707993918.post-87354805218156480192015-12-13T00:57:20.728-05:002015-12-13T00:57:20.728-05:00You should only realize short-term capital gains w...You should only realize short-term capital gains with this approach. Long-term capital gains should be left alone.<br /><br />The $3,000 capital loss is applied against ordinary income on the federal 1040, offsetting taxes of 25% or more. But long-term gains are taxed at 15%. It doesn't make sense to give up a 10% federal tax differential to save 5.525% on New Jersey taxes.<br />Jacknoreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-40083620187056227502010-10-28T17:37:30.321-04:002010-10-28T17:37:30.321-04:00Mark-
The "wash sale" rule applied to s...Mark-<br /><br />The "wash sale" rule applied to sales that generate losses only.<br /><br />I know of no reason why one cannot sell a stock or mutual fund shares for a profit on Monday and buy back the exact same number of shares of the exact same stock or mutual fund on Tuesday. <br /><br />Of course the gain on Monday's sale would need to be reported on Schedule D as income.<br /><br />TWTPRobert D Flachhttps://www.blogger.com/profile/06034127763662917220noreply@blogger.comtag:blogger.com,1999:blog-6318055043707993918.post-48021786965632060052010-09-16T12:43:23.348-04:002010-09-16T12:43:23.348-04:00In an effort to offset losses can you sell a stock...In an effort to offset losses can you sell a stock or mutual fund and buy it back immediately?Unknownhttps://www.blogger.com/profile/16593286849014100557noreply@blogger.com