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Business, Economics, and Taxes: Capitalism. Yay? >=(

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  • Originally posted by Kepler View Post

    Huh, I had no idea. Thx.
    some people want to increase it now that the sub has way more members. I think the $1B threshold was set when there were 1.5M members.

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    • Originally posted by Spartanforlife4 View Post

      For real. Have any of these meme investments gone bad this year? GME and AMC have been volatile, but as long as you didn’t buy at the peak I’m pretty sure you’re still ahead.
      I'm looking forward to the "stonks" bros who sold at the peak by dumb luck getting their 1099-B forms next January and being all, "Wut dis?!"

      Comment


      • Originally posted by FadeToBlack&Gold View Post

        I'm looking forward to the "stonks" bros who sold at the peak by dumb luck getting their 1099-B forms next January and being all, "Wut dis?!"
        LOL.

        Oh man, you know they've already lost every cent. They are gonna be ****ed.
        Cornell University
        National Champion 1967, 1970
        ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
        Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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        • Originally posted by BassAle View Post

          some people want to increase it now that the sub has way more members. I think the $1B threshold was set when there were 1.5M members.
          I lurk there. I love the Revolutionary Ape spirit, but we should probably put them in their own free standing economy and let them play with Monopoly money before they pull on the wrong thing.
          Cornell University
          National Champion 1967, 1970
          ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
          Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

          Comment


          • Originally posted by Kepler View Post

            LOL.

            Oh man, you know they've already lost every cent. They are gonna be ****ed.
            So far, all of my investments are in 401k, IRA, etc, so I'm totally ignorant on how trading actually works, but if they plowed those winnings into other losses in the same tax year, doesn't that cancel out and they owe no taxes? And isn't there even some sort of option to carry those losses forward to future tax years in the event that you're already "good" for this year (e.g. if losses exceeded wins, you could use the net to offset next year's income)?

            Edit: ah, I think if they don't realize those losses this year, though, then they are screwed, because they still owe the taxes from realizing the wins. So they'd have to "sell low" enough stocks to cover those losses if they don't have the cash to pay the taxes - but if they don't notice this situation before December 31, then it might be too late and they will be truly screwed.
            Last edited by LynahFan; 04-15-2021, 09:55 AM.
            If you don't change the world today, how can it be any better tomorrow?

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            • Originally posted by LynahFan View Post

              So far, all of my investments are in 401k, IRA, etc, so I'm totally ignorant on how trading actually works, but if they plowed those winnings into other losses in the same tax year, doesn't that cancel out and they owe no taxes? And isn't there even some sort of option to carry those losses forward to future tax years in the event that you're already "good" for this year (e.g. if losses exceeded wins, you could use the net to offset next year's income)?

              Edit: ah, I think if they don't realize those losses this year, though, then they are screwed, because they still owe the taxes from realizing the wins. So they'd have to "sell low" enough stocks to cover those losses if they don't have the cash to pay the taxes - but if they don't notice this situation before December 31, then it might be too late and they will be truly screwed.
              I'm wondering how many of them sold some shares at a loss and then immediately bought back some of those shares within 30 days. Have fun with the wash sale rules.
              Code:
              As of 9/21/10:         As of 9/13/10:
              College Hockey 6       College Football 0
              BTHC 4                 WCHA FC:  1
              Originally posted by SanTropez
              May your paint thinner run dry and the fleas of a thousand camels infest your dead deer.
              Originally posted by bigblue_dl
              I don't even know how to classify magic vagina smoke babies..
              Originally posted by Kepler
              When the giraffes start building radio telescopes they can join too.
              He's probably going to be a superstar but that man has more baggage than North West

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              • I was thinking they went out and bought 100 top of the line sex dolls, or they donated all their money to Dump.
                Cornell University
                National Champion 1967, 1970
                ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

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                • Originally posted by Kepler View Post

                  wsb wants it at a dollar.

                  Do you ever get the feeling the entire global economy is a bubble?
                  All the time. That is why it is fun to play if you have nothing to really lose. This is like casino gambling to me...the entertainment I have had watching this is worth it even if Doge collapses. To go from weeks of being in the red to having it almost triple in 72 hours is just awesome to be a part of!

                  The problem is the people who put a lot of value into it. That is where wsb is kind of dangerous. There are people that see that and think they can turn their tuition into generational wealth. They buy with high risk and often on margin. When they lose they are ****ed. Never put into play more than you can afford to lose. (the banks never learn this lesson either)
                  "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                  -aparch

                  "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                  -INCH

                  Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                  -ScoobyDoo 12/17/2007

                  Comment


                  • Originally posted by BassAle View Post

                    I bought some for the hell of it when they started pumping it and the "DOGE to $1" memes started. Now I wish I bought more...
                    Yeah I said that to my buddy yesterday. (he actually accidentally doubled up when he bought originally) As soon as it hit $.07 I should have doubled up but that is fine.
                    "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                    -aparch

                    "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                    -INCH

                    Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                    -ScoobyDoo 12/17/2007

                    Comment


                    • Originally posted by Kepler View Post
                      I was thinking they went out and bought 100 top of the line sex dolls, or they donated all their money to Dump.
                      Ah, when you said "lost" I assumed you meant on other trading. Your scenario is just as likely.

                      If you don't change the world today, how can it be any better tomorrow?

                      Comment


                      • Originally posted by Kepler View Post
                        I was thinking they went out and bought 100 top of the line sex dolls, or they donated all their money to Dump.
                        Hey leave Ron "Q is CodeMonkeyz, Codemonkeyz is Q" Watkins out of this!
                        "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                        -aparch

                        "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                        -INCH

                        Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                        -ScoobyDoo 12/17/2007

                        Comment


                        • Originally posted by LynahFan View Post
                          Edit: ah, I think if they don't realize those losses this year, though, then they are screwed, because they still owe the taxes from realizing the wins. So they'd have to "sell low" enough stocks to cover those losses if they don't have the cash to pay the taxes - but if they don't notice this situation before December 31, then it might be too late and they will be truly screwed.
                          This is correct. Even better, they will be subject to the higher short-term capital gains rate since they held the stocks for less than a year. :-)

                          Lots of amateurs are going to be crying about not getting a tax refund next year because of the capital gains.
                          Last edited by FadeToBlack&Gold; 04-15-2021, 11:45 AM.

                          Comment


                          • Originally posted by Handyman View Post

                            All the time. That is why it is fun to play if you have nothing to really lose. This is like casino gambling to me...the entertainment I have had watching this is worth it even if Doge collapses. To go from weeks of being in the red to having it almost triple in 72 hours is just awesome to be a part of!

                            The problem is the people who put a lot of value into it. That is where wsb is kind of dangerous. There are people that see that and think they can turn their tuition into generational wealth. They buy with high risk and often on margin. When they lose they are ****ed. Never put into play more than you can afford to lose. (the banks never learn this lesson either)
                            The banks don't have to learn it. Privatize profit, socialize loss.
                            Cornell University
                            National Champion 1967, 1970
                            ECAC Champion 1967, 1968, 1969, 1970, 1973, 1980, 1986, 1996, 1997, 2003, 2005, 2010
                            Ivy League Champion 1966, 1967, 1968, 1969, 1970, 1971, 1972, 1973, 1977, 1978, 1983, 1984, 1985, 1996, 1997, 2002, 2003, 2004, 2005, 2012, 2014, 2018, 2019, 2020

                            Comment


                            • Yeah...moral hazard is a joke.

                              In other news: https://***********/NPR/status/1382729452849926145

                              Signs of an economic boom are emerging — as retail sales soared nearly 10% in March, and weekly unemployment claims dropped to a pandemic low.
                              I assume we are minutes away from hearing about how we need to give all the credit to the GOP OR how the unemployment numbers are bogus based on some weird metric no one has ever heard of. Meanwhile those of us in the real world see how people getting vaccines is better for the economy than denying a disease exists or is deadly.
                              "It's as if the Drumpf Administration is made up of the worst and unfunny parts of the Cleveland Browns, Washington Generals, and the alien Mon-Stars from Space Jam."
                              -aparch

                              "Scenes in "Empire Strikes Back" that take place on the tundra planet Hoth were shot on the present-day site of Ralph Engelstad Arena."
                              -INCH

                              Of course I'm a fan of the Vikings. A sick and demented Masochist of a fan, but a fan none the less.
                              -ScoobyDoo 12/17/2007

                              Comment


                              • Originally posted by dxmnkd316 View Post

                                I'm wondering how many of them sold some shares at a loss and then immediately bought back some of those shares within 30 days. Have fun with the wash sale rules.
                                there was one guy that ended up with a tax bill in the hundreds of thousands of dollars because he kept trading the same couple stocks all year and held them past end of year, so he was unable realize any of his losses due to the wash sale rules. He actually only made a profit of like $50K, but his tax forms showed he had over a million dollars in sales. If he had sold before the end of the year he would have been fine, since the the losses were reflected in the cost basis of the stocks he held.

                                oops

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