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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I think it is unlikely they'll get something passed that will affect 2021 taxes. I could be wrong. It took Trump a year to implement his stuff.
Plus, you'll be looking at Short term Gain on the stock sales, which isn't as favorable. Here is an article that explains the difference, then the tax rates which are based off AGI.
https://www.investopedia.com/article...-tax-rates.asp
Spoilered for DC stuff
You're best bet is to follow your system, make the most money you can and pay the assessed tax.
Managing your trading strategy around uncertain tax circumstances is
usually spending dollars to chase dimes.