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20 June 2021
14:29 hour

I just realized a major flaw with Robinhood and the potential for scammers to make you pay capital gains tax on their wins.

Reddit Stock Market

17/05/2021 - 05:02

Robinhood allows users to sign up only with SS information and doesn't ask for ID verification. Some banks also allow you to open up accounts with just SS number without any further proof of verification like Bank Of America. Let's say a former employer, a corrupt real estate agent/landlord (they just casually ask for SS when you fill out an application), or a spiteful ex decides to use your SS for bad, these possible scenarios could happen: They could open up an online bank account in your name and deposit money using an ATM first. It doesn't require ID to use an ATM, so let's say they deposit $1000 in cash. Then they open up an account using your SS with RH and link the online bank account info with the $1000 deposited. They can play the stock market with your identity and transfer the net gains back into the online bank they created in your name. All they have to really do is go back to that ATM and withdraw cash that was transferred from RH. They get to keep the gains and leave you with a hefty tax sum (if they win). Do you guys see the severity of this issue now? Out of most reported incidents of identity theft, about 1 in 700 get caught. It makes things even more difficult if they're using a fake IP through some undetectable VPN service with a touch screen burner phone. Unfortunately credit reports don't show what type of brokerage accounts were open in your name. The only way you can actually tell is if you call IRS after the capital gains were reported by that said broker account. By that time, you may be paying penalty and fines for a sum far greater than what you expected to owe. The hassle of undoing the damage becomes extremely time consuming and difficult to prove. Has this happened to anyone in here before? Any pointers on how this can be preventable? I'm constantly dealing with situations where I have to give out my personal info when filing applications. Just a week ago I literally had to give out my SS information to a realtor just to schedule a look at the apartment (due to COVID they say) even before deciding to see it. Thoughts?   submitted by   /u/insomniacRA [link]   [comments]


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  1. I just realized a major flaw with Robinhood and the potential for scammers to make you pay capitol gains tax on their wins. (17/05/2021 - Reddit Stock Market)
    Robinhood allows users to sign up only with SS information and doesn't ask for ID verification. Some banks also allow you to open up accounts with just SS number without any further proof of verification like Bank Of America. Let's say a former employer, a corrupt real estate agent/landlord (they just casually ask for SS when you fill out an application), or a spiteful ex decides to use your SS for bad, these possible scenarios could happen: They could open up an online bank account in your name and deposit money using an ATM first. It doesn't require ID to use an ATM, so let's say they deposit $1000 in cash. Then they open up an account using your SS with RH and link the online bank account info with the $1000 deposited. They can play the stock market with your identity and transfer the net gains back into the online bank they created in your name. All they have to really do is go back to that ATM and withdraw cash that was transferred from RH. They get to keep the gains and leave you with a hefty tax sum (if they win). Do you guys see the severity of this issue now? Out of most reported incidents of identity theft, about 1 in 700 get caught. It makes things even more difficult if they're using a fake IP through some undetectable VPN service with a touch screen burner phone. Unfortunately credit reports don't show what type of brokerage accounts were open in your name. The only way you can actually tell is if you call IRS after the capitol gains were reported by that said broker account. By that time, you may be paying penalty and fines for a sum far greater than what you expected to owe. The hassle of undoing the damage becomes extremely time consuming and difficult to prove. Has this happened to anyone in here before? Any pointers on how this can be preventable? I literally had to give out my SS information to a realtor just to schedule a look at an apartment (due to COVID they say) even before deciding to see it. How ridiculous is that?   submitted by   /u/insomniacRA [link]   [comments]
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  2. Robinhood doesn't show realized current year gain/loss (24/05/2021 - Reddit Stocks)
    I'm so confused as to how they don't offer this information up. They keep telling me to just look at the monthly pdf and add up every transaction I've made. Considering I got into options this year, sold and bought multiple stocks, etc. this seems impossible. I'm sitting on some big realized losses, but also some big unrealized gains, so I want to know exactly what I'm down so I can sell an equal amount of gains. Does anyone else use robinhood? How am I supposed to do this if they do not offer up this number?   submitted by   /u/JayKayne [link]   [comments]
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  3. Should I realize a 25k loss now to offset a 23k realized gain from earlier in the year, then buy back after 30 days? (30/03/2021 - Reddit Stocks)
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  4. Robinhood is terrible for trading for more reasons then you think (07/05/2021 - Reddit Stocks)
    I am one of the people that played the COIN IPO. I was so mad about how much money I lost I sold every position I had and cashed out my account. About 5 minutes later when I cooled down I realized how stupid that was. There was no way I was going to give up trading but I triggered a PDT restriction with Robinhood so I deposited my funds into TD Ameritrade. Although, since leaving Robinhood I have noticed some positive changes in my portfolio. 1) I don’t panic sell anymore. When you have Robinhood, they shove the charts in your face. Every move is very dramatic. A stock might only move a few cents but their charts make it look like the stock is up or down 30%. Since switching to TD I am able to let everything just sit without getting panicked. I think most money lost in the stock market is due to panic selling so if you can, don’t sell. Stocks pretty much always go up (with time) 2) I don’t trade options anymore. Robinhood made it so easy to trade options. While I know people can make fortunes off options, more people lose their savings with them. I know I would get skinned alive for saying this at WSB but options are the devils lottery tickets. While I might not have huge swings, trading shares allows to have consistent gains. In conclusion, this is just what has worked for me. Who knows, maybe I have just been lucky these last couple weeks. Thanks for coming to my Ted talk, see you all behind Wendy’s.   submitted by   /u/GardinerAndrew [link]   [comments]
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  5. Tax Advice — capital gains (13/03/2021 - Reddit Stocks)
    I’ve been trying to make some sense of how to bring down capital gains tax for a stock sale. I’m rebalancing my portfolio, and I have a stock that I’ve held for years and years that’s just too much of my portfolio. However, if I understand correctly, selling it to buy other stocks will trigger capital gains tax. That sucks, but such is life. From what I understand, if I also sell stocks at a loss, the losses will subtract my capital gains tax obligation. So here’s my theory on strategy, but I’m wondering if this would really work: Let’s say I owe $2,000 in capital gains tax for 2021 taxes. I have no losses to sell. I could wait until next tax season and owe $2,000 ... OR... and here’s my idea: If I have to pay uncle sam $2,000 anyway, why don’t I try putting $2,000 in to some very high risk stocks. Best that could happen is they make big gains, and I make more money. Worst that could happen is they tank and then I can sell them for a $2,000 loss, which cancels my capital gains tax obligation. Will this strategy work? Is it a good idea? Somebody here has probably got some good suggestions. Thanks for the ideas.   submitted by   /u/Manofballs [link]   [comments]
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  6. Is there such a thing as having too much in unrealized capital gains? (17/06/2021 - Reddit Stocks)
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  7. Capital Gains on Partial Sales? ???? (07/05/2021 - Reddit Stocks)
    Noob here - I've been trading for about a year and half now. My question is in regard to capital gains taxes on partial sales of a stock. Are gains taxes only due when the OVERALL sale of a stock passes the initial investment value? I know that is the case in general, just looking for specifics. For example, if I own 10 shares of ABC for $10/share ($100 total investment), will I only owe taxes once my sell value as a whole increases past $100? If I sell 5 shares at $15/share, I won't owe taxes on that since my realized gains aren't over $100 right? Even tho the stock price itself is higher than what I bought in at? Thanks in advance ????   submitted by   /u/dsmall434 [link]   [comments]
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  8. Using Robinhood? You’re the problem. (18/02/2021 - Reddit Stock Market)
    When they tell the story of Robinhood years from now, I want it to sound like this: Robinhood? What’s that? Oh yeah weren’t they the ones who screwed a bunch of retail traders? I guess no one is going to try that again! Now repeat after me: Robinhood did NOT have a capital problem. If they did, they would have stopped all buying, not just the stocks we’re buying. Don’t be a tool, your money is your most powerful voice. Use it to show the world what happens when a company tries to screw us. Use it to finish this lesson in history with a happy ending of justice. Down with Robinhood, delete that crap like an ugly selfie.   submitted by   /u/neilholdstrong [link]   [comments]
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  10. Help with rebalancing (30/03/2021 - Reddit Stocks)
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  11. Why shorting Robinhood on IPO will not get you squeezed by big money (07/03/2021 - Reddit Stocks)
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  12. Is there an issue having lots of cash (>$150k) in Robinhood? (13/06/2021 - Reddit Stocks)
    I currently have around $50k in Robinhood holding VTI and QQQ and some other stocks. I have around $100k in my checking account collecting dust. I want to continue investing VTI and QQQ but not sure if I should use Robinhood or Fidelity or something. I love the Robinhood UI but every one in here seems to say to avoid on Robinhood. Is there any issue with holding large sums of money in Robinhood?   submitted by   /u/SuperLetterhead [link]   [comments]
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  13. What’s the deal with Robinhood? (21/02/2021 - Reddit Stock Market)
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  14. Short Term Capital Gains More than annual income from job (14/03/2021 - Reddit Stocks)
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  15. Tax (01/04/2021 - Reddit Stock Market)
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  16. How do taxes work in an actively managed ETF? (12/06/2021 - Reddit Stocks)
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  17. Is there an issue having lots of money (>$150k) in Robinhood? (12/06/2021 - Reddit Stocks)
    I currently have around $50k in Robinhood holding VTI and QQQ and some other stocks. I have around $100k in my checking account collecting dust. I want to continue investing VTI and QQQ but not sure if I should use Robinhood or Fidelity or something. I love the Robinhood UI but every one in here seems to crap on Robinhood. Is there any issue with holding large sums of money in Robinhood?   submitted by   /u/SuperLetterhead [link]   [comments]
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  18. Robinhood is behind Doge rise conspiracy (17/04/2021 - Reddit Stock Market)
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  19. Get out of ROBINHOOD NOW! (20/05/2021 - Reddit Stocks)
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  20. Massachusetts wants to ban RobinHood. They need to ban RobinHood worldwide. The name RobinHood says it all, they are Robbing you for your money. RobinHood is the worst site to use if you are investing in crypto or stocks. (13/05/2021 - Reddit Stock Market)
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  21. Noobie question: do I have to pay capital gains taxes after a sale if I immediately reinvest the gains in a new stock? (08/06/2021 - Reddit Stocks)
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  22. Trying to understand the wash sale rule (02/04/2021 - Reddit Stocks)
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  24. [Discussion] US Senate Hearing: Who Wins on Wall Street? GameStop, Robinhood, and the State of Retail Investing (09/03/2021 - Reddit Stocks)
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  25. Do I need to file losses? (18/02/2021 - Reddit Stock Market)
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  26. Tracking investments. (20/03/2021 - Reddit Stock Market)
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  28. In the midst of all the drama, where are the clearinghouses? (19/02/2021 - Reddit Stocks)
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  29. Capital gains tax (28/04/2021 - Reddit Stocks)
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  30. Long term capital gains tax question (02/05/2021 - Reddit Stocks)
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  31. If I make a return of $2k through selling shares held for under a year, am I taxed 10% (lowest bracket) due to short-term capital gains tax? (29/03/2021 - Reddit Stocks)
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  32. Tax on gains when rebuying the same stock (19/02/2021 - Reddit Stocks)
    I had a stop loss trigger on one of my stocks today, which my realized gains ended up being about $13,000 that I'll have to pay taxes on. If I were to rebuy that same stock, at the same price that I sold it at, would I still be required to pay the tax on the $13,000 from the day before?   submitted by   /u/Panaran [link]   [comments]
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  33. Dear Retail Investor: Do not panic sell without understanding the causation. The banks f-k up a lot and this translates to a domino-effect-like to retail Investors. (29/03/2021 - Reddit Stock Market)
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  34. Please consider anyone BUT Robinhood (20/03/2021 - Reddit Stocks)
    Just thought I'd post a reminder to anyone that might still be in Robinhood to get away. They've denied my transfer of assets multiple times, the don't respond to requests for help and when they do they have no issue ignoring your complaints and/or lying to you. Literally had my assets stuck since January 29th, they have blocked my ability to request help on my account and they've stopped responding. I've filed FINRA complaints but I've not been able to make any progress in establishing why they are holding my account hostage. Stay away from Robinhood!   submitted by   /u/cspawn [link]   [comments]
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  35. Should I sell stocks and rebuy immediately if I am about to be in a higher long term capital gains tax bracket? (07/04/2021 - Reddit Stocks)
    The idea would be to sell everything or as much as you can keeping in mind capital gains are considered income, so selling too much may put you into the higher bracket. This would be to take advantage of 0% capital gains tax before moving up into the 15% bracket. Should I be selling what I can each year and rebuying immediately to prevent future taxes from selling massive gains when I am in a higher bracket? Or am I missing something?   submitted by   /u/cballer1010 [link]   [comments]
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  36. Could Biden's cap gains tax be beneficial for retail investors over larger HF's and Investment banks? (30/04/2021 - Reddit Stocks)
    The proposed rate increase: "Biden’s proposal would reverse that—raising the top rate on capital gains up to 43.4 percent when including the 3.8 percent Net Investment Income Tax (NIIT)." https://taxfoundation.org/biden-capital-gains-tax-rate-historical/ "President Biden intends to raise capital gains taxes for those earning more than $1 million a year his top economic adviser confirmed Monday" www.bostonglobe.com/2021/04/26/business/biden-set-1-million-threshold-capital-gains-tax-hike/%3foutputType=amp If retail investors are not in the stock market if or when these tax rate increases occur, is it -possible- this could be good for more small, retail-level, I'm-Living-With-My-Parents-Just-Trying-To-Make-Some-Money-To-Move-Out-Or-Start-My-Own-Business, "investors"? If the threshold of earners over >$1M is increased significantly (essentially doubled) could this be good for RI's who are with company's like RH/Schwab/other firms that allow accounts to be open that have/earn less than a million a year?   submitted by   /u/8Inches_0Personality [link]   [comments]
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  37. Question on how Capital Gains are calculated short-term to long-term. (15/03/2021 - Reddit Stocks)
    From my understanding, Capital gains are tax rates that are applied based on my gains as well as annual income. If I were to cash out from a stock that I held on to for less than a year, that would be considered as short-term gain, also follows a higher tax rate. To mitigate this, I might be tempted to store the gains into a different (or same) stock for a year to make it a long-term gain. Scenario (Trying to keep it simple): Suppose I fancy a stock named "XYZ" and after cashing out, I have a portfolio value of $100. In January, I decided to partially invest $10 into XYZ for several months and I have $90 of unspent gains. For some reason, I decide that it is completely rational for me to YOLO the remaining $90 in April. So I basically dumped my remaining gains on XYZ stock and held it there. Here comes the question: Would I need to wait until January before it is safe for me to cash out fully to call it long-term gains or does it need to be until April? Hope this question makes sense!   submitted by   /u/honeycomb747 [link]   [comments]
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  38. When to get out (23/03/2021 - Reddit Stocks)
    I've been in the market since the end of January, meme stocks got me interested but I realized at that point I was more likely to lose money than make it buying them. Some of the stocks I've bought over the past almost two months have hit either 52wk, or all time, highs. Some climbing over 10% during that time. If the stock's growth was largely the result of the market as a whole going up during that time, as opposed to being propelled by its own merits, would I be better to get out or to hold? For example, one of them, MUFG, is a Japanese bank that is just over $5.80 a share. Aside from a day where it eclipsed the $6 mark last week it hasn't been this high since 2018 (on anything resembling a consistent basis). They do pay a decent dividend, and have been fairly consistent, but without much room for growth it doesn't seem that holding makes much sense. Without any news or rumors indicating room for potential growth of the company, my thought is sell before my gains slowly slip away and out the money into something with the potential for more immediate growth. I've gotten fairly decent about knowing when to get in, admittedly I bought MUFG when I didn't know and got lucky, I'm still not great at knowing when to get out. Obviously if something is tanking and news comes out that's not going to change, that's easy. I struggle with determining when to get out when I'm up. Are my thoughts on it looking like there's no room for additional growth right? I'm trying not to make decisions based on emotions, but I also need a better grasp of prevailing logic to do that. I'm sure there are indicators that make long term become short term, short term become swing stocks, and swing stocks become bad ideas.   submitted by   /u/Johnathon1069DYT [link]   [comments]
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  39. Changes coming to capital gains tax (16/03/2021 - Reddit Stocks)
    I understand that the President will be releasing a large tax reorganization soon and was wondering how this would effect me as a small retail trader. I made some decent money trading this year and plan to make some more. So far I'm looking at under 10k in gains but after investing my stimulus check it could go a bit over that.   submitted by   /u/Keejhle [link]   [comments]
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  40. California Capital Gains Questions (02/05/2021 - Reddit Stocks)
    If I bought some shares of a stock in January 2021, and I buy more shares of the same stock in August 2021...how are my capital gains applied if I sell all of my shares in February 2022? Is there a term for this scenario? Also, how much more are we charged for short and long term capital gains if I live in California? Please direct me to any thread that may already have answered my question. Thank you.   submitted by   /u/darkaggron [link]   [comments]
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  41. Robinhood to file for IPO in March (01/03/2021 - Reddit Stocks)
    http://digesttime.com/2021/03/01/robinhood-to-file-for-ipo-in-march/ US brokerage Robinhood plans to file a confidential file to conduct an initial public offering (IPO) in March. This information was released by the Bloomberg news agency, which heard sources familiar with the matter. The broker last week held talks with subscribers about the progress of the process. According to the sources, Robinhood has not yet made a final decision on going public, so interest may change. Last year, Reuters reported that the broker had chosen Goldman Sachs to lead preparations for the IPO that could be valued at more than $ 20 billion. Earlier last month, Robinhood said it raised $ 3.4 billion, including the $ 1 billion contribution announced on February 29. The capital injection comes at a time when Robinhood is rushing to strengthen the business in the face of the strong increase in the number of customers and negotiations on its platform after the events of the GameStop case. “With this funding, we are going to build and perfect our products that give people access to the financial system,” the company said in a note.   submitted by   /u/thefoodboylover [link]   [comments]
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  42. Japan's Matsuyama wins Masters for maiden major victory (12/04/2021 - Investing.com)

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  43. Outside the Box: Avoiding Biden’s proposed capital-gains tax hikes won’t be so easy—or will it? (30/04/2021 - Market Watch)
    Many taxpayers could avoid the tax by timing the realization of capital gains, but the elimination of the stepped-up basis loophole could mean the government would collect a lot of revenue.
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  44. Trading for beginners (14/03/2021 - Reddit Stock Market)
    Hello! I am incredibly new to anything stock related and just downloaded Robinhood. My goal is to invest what I would be paying in student loans until September to try and make a profit off of it vs just saving. I so far I have only bought ~ $1000 worth of stock from companies who's stock values appear low. I am hoping with the stimulus checks they increase in value and I can make money off of them. My question is are there extra fees with robinhood / etc when I will be trading the stocks? Are there any books on trading that are recommended? Any tips/help is appreciated because this is a whole new world to me! Thanks!   submitted by   /u/No-Sock-4373 [link]   [comments]
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  45. Downsides of Dividend Sniping (27/03/2021 - Reddit Stocks)
    AT&t (T) pays out a very healthy dividend as most of you probably already know - around .50 per share. I have been thinking about the downsides of buying in and out for dividends and this is what I have come up with; Although the price doesn’t fluctuate too much it does around earnings/dividend release. So in order to maximize gains you might have to be in the security for a month or more depending on the price per share. This locking up other potential gains. AT&t announces they will not pay a quarterly dividend, which I would imagine would make the price plunge. This is all my wrinkled brain can think of. I would imagine the first reason is the biggest not to do it. But in a down market? I’d love to hear other reasons against. I was thinking about 600 shares which would roughly be $300. That’s a lot of capital to be tied up for a month or more. Maybe it’s as simple as that.   submitted by   /u/jtslim [link]   [comments]
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  46. Vista Gold wins final major authorization for Mt Todd project (14/06/2021 - Seeking Alpha)

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  47. Capitol Report: Here’s what to expect at the congressional hearings on GameStop and Robinhood (16/02/2021 - Market Watch)
    Executives at Robinhood, market maker Citadel Securities, hedge fund Melvin Capital, social media firm Reddit, and Keith Gill, an independent investor who found fame and riches with his early purchases of GameStop Inc. shares, will all testify at the hearing. Here's what to expect.
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  48. Capitol Report: Here’s what to expect at the congressional hearings on GameStop and Robinhood (16/02/2021 - Market Watch)
    Executives at Robinhood, market maker Citadel Securities, hedge fund Melvin Capital, social media firm Reddit, and Keith Gill, an independent investor who found fame and riches with his early purchases of GameStop Inc. shares, will all testify at the hearing. Here's what to expect.
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  49. Do you have to pay taxes on re-invested, and subsequently lost gains? (22/02/2021 - Reddit Stocks)
    Hey guys, not sure if this is the right place for this question but: I recently made quite a bit of money on a certain popular “meme stock”. After making cashing out on my position for a gain of a few thousand dollars, I withdrew the money from my broker and into my bank account. If I were to transfer all of that money back into my broker, re-invest in a new ticker, and lose it all, would I still owe the government money for the meme stock gains that I lost? I read somewhere that you can only deduct $3,000 in capital losses from your capital gains each year. In this case, I made significantly more than $10,000 in capital gains, and would have to deduct >$10,000 in capital losses if I lost it all. I hope this made sense and isn’t out of place. Thanks in advance   submitted by   /u/bchrzfg215 [link]   [comments]
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