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Registered
Join Date: May 2004
Location: Central Coast California
Posts: 1,299
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another" what should I do?" money question
I have some stocks in my SEP IRA that I bought back a few years ago, at what now appear to have been high prices.They are good solid companies but they have yet to return any profit to me because of buying high. This year, I am selling out my business and don't intend to reinvest in another. I am expecting a big hit from the IRS because of this. Would this be a good time to dump those under performing stocks and invest the money into some of my mutuals that have been doing rather well.My thinking is that this would be the year to show some losses to offset some gains. thanks
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02-28-2006, 05:03 AM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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If the SEP is like a traditional IRA, it doesn't matter when you sell, because gains are not taxed and losses are not deductible.
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02-28-2006, 06:25 AM
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Registered
Join Date: Jul 2004
Location: New England
Posts: 5,136
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You would want long term capital losses to offset any LT capital gains on the sale of your business, but selling and buying inside an IRA account are not taxable events, so that won't help you.
My advice? Get a good lawyer and accountant to help you structure the sale transaction properly, for tax and other purposes. I see a lot of people give away money when they don't have to.
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02-28-2006, 08:34 AM
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