Quote:
Originally Posted by philfree
So I bought stocks after the market crashed from covid and have pretty much doubled my money. With a Biden administration and a Dem win in GA the capital gains tax is guaranteed to go up. It will probably double or more. Also the Dem win in GA will probably cause a sell off. That scenario along with the fact that I probably won't be able to duplicate that investment performance anytime soon gives me pause. So with all that I'm thinking about selling all my stocks before Jan. 1 2021. Which is like today.
Is that the right move or would it be a **** up?
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If you sell within a year of purchase, you're paying short term capital gains tax, which is notably higher than long term capital gains tax. Unless you thing something is going to happen really fast, you're better off waiting a few months and selling a year after you bought it.
Here's what the difference is:
https://www.investopedia.com/article...-tax-rates.asp