Can someone give me the run down regarding dumping some stocks before years end to get the tax benefit and then possibly repurchasing those stocks at the lower entry point?
To be clear, this is small dollar investments, one or two companies where I maybe have $500-1000 in each and have seen significant losses this year.
Would it be beneficial to sell at the loss and recoup on the tax break? Not 100% sure the fundamentals behind it and how much can be written off.
My biggest one right now would be Lucid. I had a solid entry to begin the year and then was slowly buying on the way up and now of course getting hammered. I still believe in the company and a $6 entry would be solid if I can just write off the loss.
Furthermore, whatever is written off, if that's the right term, is it in the form of a deduction or an actual credit? At one point I understood how it worked, but it's been a while since I've refreshed my understanding.
Thanks for any advice or guidance
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