Capital Gains?

rondds

rondds

Well-Known Member
Oct 3, 2006
8,859
Jersey Shore
Boat Info
2001 380DA
Engines
Merc 8.1s (2008)...Hurth ZF 63 V-drives...WB 7.0 BCGD (2013), Garmin 8208 & 740 MFDs, GMR 24xHD dome
Just out of curiousity, was anyone ballsy enough to have loaded up on Brunswick and/or MarineMax stock in the first week of March, 2009?

If so you've now more than sex-tupled your money. Obama would like to have his fair share of your long term gain!:smt089
 
Now you have to rub that in.... I was thought about it and talked about, and did not pull the trigger... I could have retired this year if I would have put the money I spent buying my boat in MM stock in Dec 08, at $1 per share... Hind sight is always 20x20...
 
As the on sight CPA, fair warning, its only long term capital gain (15%) if you hold it a year or more, if you sell it before a year, its ordinary tax rates!
 
shinsr said:
As the on sight CPA, fair warning, its only long term capital gain (15%) if you hold it a year or more, if you sell it before a year, its ordinary tax rates!
Click to expand...

Thought I would ask a question of you if I may. A coworker of mine bought 5000 shares of stock in one company in 2007 in one transaction. In 2009 he sold chunks of that purchase at various dates throughout the year. When he calculated capital gains on it, he did a dollar cost average of the stock for the year as his sale price. He asked my opinion and I told him that I always treated each sell order as a seperate transaction for tax purposes. I take the gain/loss right off of the year end statement sent to me from my broker when completing my taxes. My question is "Which method is more likely to be accepted by the IRS"?

Not looking for tax advise but just curious as I would think his method could trigger an audit.
 
Isn't the net effect the same?

The basis is his 2007 cost, his proceeds are when he sells the stock in 2009, whether it is one or 5000 transactions. If he weights the average by the number of shares sold the resulting gain is going to be the same as if he reports the gain on each transaction separately.
 
fwebster said:
Isn't the net effect the same?

The basis is his 2007 cost, his proceeds are when he sells the stock in 2009, whether it is one or 5000 transactions. If he weights the average by the number of shares sold the resulting gain is going to be the same as if he reports the gain on each transaction separately.
Click to expand...

Keep in mind that I was/am not privy to any dollar amounts here nor would I ask. So with that said, his comment to me was that using the dollar cost averaging method saved him thousands in taxes. Hence, my question of which method is more acceptable to the IRS.

I would think that the net effect would vary dependant on selling price of the stock and amount of shares per transaction.
 
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. .. and if I am not mistaken, you need to sell before 12/31/10 or else you will see a 20% long term capital gain tax rate instead of the current 15%.

I was wondering if the Dems might extend the 15% rates for a few more years because of the recession, but I suppose that we are not close enough to the election for that to happen.
 
Extention is not likely with this Congress.
 
I don't do individual stocks anymore. I found it too dangerous unless you had the time to do extensive research and monitoring.

I'll leave that to you financial geniuses.:smt001
 
comsnark said:
. .. and if I am not mistaken, you need to sell before 12/31/10 or else you will see a 20% long term capital gain tax rate instead of the current 15%.

I was wondering if the Dems might extend the 15% rates for a few more years because of the recession, but I suppose that we are not close enough to the election for that to happen.
Click to expand...

HAHAHAHA! No. Seriously, are you suggesting tht the unholy trinity of obama, pelosi, and reid extend a tax cut? No. I can't see it. A lot of people who can pull future earnings into 2010 are doing so to take advantage of the current tax rate. That money won't be there in 2011. And with the tax increases, 2011 is going to make 2008 and 2009 look good in comparison.
 
Fair point. What you are saying is consistent with the platform the current congress campaigned upon.

My original point is that IF the dems get a scared as the election approaches, extending a tax cut is a trick that can be pulled to try and get a few votes. One thing is for sure. . nobody seems to really care about deficits.

My current strategy is to sell all liquid assets that have a positive capital gain in the next few monthes. I have been slightly put off by the current market volatility. . . but that is my plan.
 
Yeah
And watch gold, gold futures, gold mines, etc. You have to put your money into something. And a lot of people aren't into cash. Especially overseas what with Greece, and maybe Spain, Portugal, and Italy possibly following down the crapper, it's not looking pretty for the Euro. Yeah, Germany can sort-of, kind-of bail out the Greeks. But the Spaniards, too? And the Portuguese? I've been seeing a lot of equivocating on the major fiat currencies. Even the dollar isn't looking all that solid. I mean hell, the fed has held the discount under 1% for well over a year!

$2,000/oz by the end of 2011? Maybe. I'm not betting against it if things continue in this direction. On the other hand, maybe we'll get another Reagan or Gingrinch in November. They weren't perfect, but I'd be happier with some Austrian school or Monetarist guys giving guidance than a bunch of nutty Keynesians! Good God! How much more discrediting is necessary before people come to realize that "pump priming" only works for pumps, not economies? You'd think after about a century of failure that the Keynesians would be extinct, like the dinosaurs.
 
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Well, we are chatting about two seperate and interesting topics.

Global financial stability is one problem. I agree the Euro is in trouble at the moment. Gold seems already a bit overpriced - I smell bubble. I will be in Europe shortly - might give me perspective.

Regarding capital gains - I am simply tAlking trading funds within the same asset categories. Trading one large cap fund for another. Trading exxon for cheveron. This doesn't change market exposure / risk - but does wipe out capital gains.
 
however if you dies this year, no estate taxes.......Expired in 2009 and starts in 2011.....These bimbos run our country
 
Just went to my account and this is my buy and sells for BC Brunswick

Bought X on 12-11-08 +/- $3.23
Sold X on 7-31-09 short term
Sold X on 9-15-09 short term
Sold X on 11-5-09 short term
Sold x on 4-30-10 long term

If you pay taxes, that means you made money....Not a bad thing
 
Yep I bought them at rock bottom i think it was at $1.05 a share .:thumbsup:
NOW its at :.
Brunswick Corp.
Last Price
$ 16.14 .

:smt038 . :smt038 . :smt038 .

Did you guys lose faith in a product you own ??. :smt021

$16.14 is a VERY VERY good return on a $1.05 share. :smt001
 
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Made afew thousand more boating bucks. :smt038 . :smt038 . :smt038

Brunswick, $17.80
as of 04:05 PM EDT on 06/16/2010. :smt001
(NYSE Delay: 15 mins.)
 
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