[USER]

What is something I can lose $500 in capital gains on? I’m right on the edge of not qualifying for the earned income credit due to investment income of more than $11,400.

Earned income will be about 18k this year.

I need to lose some in stocks or something to qualify for the tax credit.

We have 2 kids so it will be like $7k refundable tax credit so I feel like it makes sense to lose money to get the credit.

[Charlotte]

I wouldn’t start counting your chickens just yet. There are two more quarters of dividends coming before year-end.

I understand that you may be ball-parking the total you will receive, but fluctuations in the market will impact that so in reality you may need more or less.

I’m assuming your investment income is coming from a taxable brokerage account?

Depending on the timing of when you bought the shares you may be able to sell some and realize a loss when the market is down between now and the end of the yar?

[Victor]

Maybe equipment for house or office, tools. Ie a new printer, or camera for office, automotive tools like a floor jack or toolbox might work too.

If you use your car for work maybe even a nice car cover or tint etc.

[Christopher]

Do you hold any bonds from more than a couple years ago? They’re down.
Anything that’s lower than than what you bought it for would work; this will depend specifically on what you’ve bought and when.

[Michelle]

Is it realized gains? There’s still a lot of year left does your taxable account throw out distributions as well?

[Damon]

How would we know the cost basis for your stock portfolio?

[April]

If this was a week ago, Crowdstrike.

Medicinal weed stocks.

They’ve never recovered from their peak pre-COVID and keep running into money issues.

Or go find stocks that are rumored to go bankrupt.

Disclaimer: I am a random person from the internet, so my advice is just that, advice, do your own research.

[Amanda]

throw it into any random speculative penny stock, more likely than not you will lose it

[Ellie]

Victor Victsum nope, that’s a separate category. They can only earn a maximum of $11,400 on investments specifically, regardless of other categories.

So she’d have to lose on investments specifically…

we learned the hard way last year.

[Stephanie]

Do you have any money in a taxable brokerage account? Have any specific shares lost money since you put in?

That’d be the easiest way to loose money in the stock market.

Can you put money into a traditional retirement account (if it’s earned income)?

To drop your taxable income this year.

Can you claim expenses for however you earned money to reduce the amount?

For my side hustle, I can claim mileage to offset income.

[Author]

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