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  • rjrjrj9er Aug 22, 2013 12:42 PM Flag

    Tax Liability

    Thanks to QCOR and staying LONG I am feverishly thinking of ways to help limit my Tax Liability for next year. How will you be limiting your? Any advice out there?

    Sentiment: Hold

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    • Don't forget to contribute $5500 to your Traditional IRA and/or $17500 to your 401k (if you have one). You can contribute $5500 to your spouse's Traditional IRA as well, providing $11,000 or more of your income was EARNED income this year. The reason I say Traditional IRA is because you can reduce your gross with the write off... If this won't change your tax bracket, it would still be wise to max your contribution, but put it in a Roth. Whenever your earnings slow down, convert your Traditional IRA funds into Roth while watching your tax bracket. If you have kids, depending on your state, you can usually write some more off your contributions to their 529 plans (college savings). These are only a few of the write offs I am more familiar with as a banker... Let me know if you have more questions in the IRA and 529 department.

      Sentiment: Strong Buy

    • I know taxes suck, but I'd rather have a huge gain and have to pay taxes than to have a loss. Don't sweat it.

      Sentiment: Hold

    • If you have any losses in other stocks harvest them. Designate lots if necessary to offset your gain. Use any loss carry-forwards you might have. Break the sales up between multiple years. Delay other income if possible. Retire! : ) or better yet never sell.

    • Donate to 501(c)(3) tax exempt orgs, or gift to individuals in the 0% capital gains tax bracket.....for 2013, about $36k or less taxable income for singles and about $72k or less taxable income for marrieds.....I have implemented all three.

    • The best answer, if you are an option holder, is one that E-trade won't accommodate. I've called a few other brokers and they wont' help either. That is to do a net issuance on your options. This method has you exchange your options for common stock w/o disbursing any cash to exercise. This "cashless exercise" allows you to tack your holding period on your options to the time period for long term holding purposes. When you sell, you sell at long term tax rates with the option holding period tacked on.

      If anyone has a brokerage firm that will accommodate that procedure, please post here as I would love to do this procedure that I've done in private transactions regularly, but can't find a brokerage firm to accommodate with my public holdings.

      Sentiment: Strong Buy

    • well, MaxDad and Mikey, who have been extremely generous with their time and talent with other LONGS, may appreciate donations to Texas Children's Hospital in Houston, St Jude's in Memphis, Wounded Warriors, to name a few?
      Also a good article in the most recent Forbes magazine about charitable trusts that are attractive for both tax reductions and philanthropy.

      Sentiment: Strong Buy

    • Sell 2015LEAPS against your long position. If stock goes up then buy back calls at a loss (no tax liability) and or sell some long stock to neutralize your loss. If PPS goes down, buy back call at profit but less than if you had sold long position at high gain.

      All assumes you have $20-40 pps gain this year like some of us in the same position...