A month or so ago, I blogged about picking up 1000 shares of AIG @ $.517. It’s now trading at .93, which puts me a dime away from doubling my dough. However, it’s got to make it to ~$1.40 to make up for my piece of the $170 billion bailout pie – which works out to about $900 per tax-paying American. However, it doesn’t make up for the biggest chunk of my non-Roth IRA portfolio that just went Chapter 11. That alone is worth nearly 4 years of tax write-offs.
Hey, do you think the government will increase that $3K tax deductible loss limit to help us out? Hah, joke – we know all too well that they need all the tax dollars they can get their grubby little hands on. Too bad – I think it would be a fairly minor concession in light of their porky stimulus packages and mismanaged bailouts.
Filed under: Investments |
MoneyMate Kate 
Wow, $12k lost to bankruptcy? Sorry, at least you can carry forward the loss or do you have any funds you can sell for a gain? I think you can buy right back in since you wouldn’t be tax loss harvesting but rather doing the opposite.
I got the bankruptcy notice in the mail on Saturday. Kind of freaked me out to get a letter from a law firm in Seattle…like “what did I do???” I’ll be seeing my accountant in the next week (had to cancel because I could not find all my CC statements and had to order them), will ask about the…um, in the UK it’s called bed-and-breakfasting, but I think we call it “washing”? I like “harvesting” better – literally reaping rewards, to keep the agricultural analogy going!