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Master stock pick thread


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12 minutes ago, Roach23 said:

True.  Not complaining about making money.  Paying though is going to be rough since quite a bit was ST due to day trading.  My tax guy Mr. Cohen is going to earn his overpriced fees preparing my returns this year.

Just a piece of advice going forward....I'm not sure if you are a 'donation' guy to church, foundations, etc.....instead of giving cash, give them appreciated stock. You gift them shares of stock, you don't pay the tax on the gain and then they sell it on their side. I typically do this with church at the end of each year. Don't do it on any losing stocks (no benefit) but something to consider going forward if that's something you do.

 

I help a lot of farmers and tell them to gift grain at the end of each year rather than writing the check. They give the same amount but saves them self-employment and income tax.

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24 minutes ago, brokerstip said:

Just a piece of advice going forward....I'm not sure if you are a 'donation' guy to church, foundations, etc.....instead of giving cash, give them appreciated stock. You gift them shares of stock, you don't pay the tax on the gain and then they sell it on their side. I typically do this with church at the end of each year. Don't do it on any losing stocks (no benefit) but something to consider going forward if that's something you do.

 

I help a lot of farmers and tell them to gift grain at the end of each year rather than writing the check. They give the same amount but saves them self-employment and income tax.

Good tip but don't you need a "donor advised fund" or someting of the like to do that?  Also, most of my ST trades are shit cos/penny stocks where I'm riding the wave and then get paper hands and sell.  I haven't been selling my AAPL, MSFT or AMZN that I hold LT.

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13 minutes ago, Roach23 said:

Good tip but don't you need a "donor advised fund" or someting of the like to do that?  Also, most of my ST trades are shit cos/penny stocks where I'm riding the wave and then get paper hands and sell.  I haven't been selling my AAPL, MSFT or AMZN that I hold LT.

I just donate it directly to the church. Best option would be to set up an account to a foundation then you get the tax deduction when you contribute it that and then write the check to the charity whenever you want.

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59 minutes ago, brokerstip said:

Just a piece of advice going forward....I'm not sure if you are a 'donation' guy to church, foundations, etc.....instead of giving cash, give them appreciated stock. You gift them shares of stock, you don't pay the tax on the gain and then they sell it on their side. I typically do this with church at the end of each year. Don't do it on any losing stocks (no benefit) but something to consider going forward if that's something you do.

 

I help a lot of farmers and tell them to gift grain at the end of each year rather than writing the check. They give the same amount but saves them self-employment and income tax.

This is really good advice.  So you can donate a stock you paid 100 but has grown into 1000 and not pay the tax on the 900 and you get to write off the whole 1000?

 

 

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