New trader here, I got in last year with the meme stock trades and although I was up quite a bit in June I find myself upside down AF right now with a huge tax bill on the way. But that's really besides the point.
What I'm really trying to do is figure out how to make the best of a bad situation. So I'll try to keep this brief.
Basically I took losses last year but bought back in before 30 days so I have wash sales on several lots of share.
One of those lots was a large purchase I bought of AMC @ 20. The stock has been trading up and I'm getting to the point where I need my money. Can someone please explain to me how this wash sale sitting on my trade price works. For reference, with the wash sale my adjusted price is just about doubled, so average price on those shares is 39.
At what point would that wash sale become a tax benefit? Above 39? or above 20? Or is it just tax recording??? Is there any real reason for me not to sell at 20 and get my cash?
I'm so fucking confused right now and I need to buy a car people!!!
Any help is appreciated and if you want to tear me a new * please feel free.
Thanks
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