Wednesday, March 14, 2012
Do taxes make you mad?
I am so dang mad! Last year we got talked into investing some money in the stock market. So of course we bought local stuff that we were sure was secure, our local Electric company that has been around for ever. I always heard that you invest in what you use alot. Sounded smart. The dumb thing was to put a stop/sell flag on it. (we were sort of talked into this) That made sense in case Obama did something really weird and the market crashed. At least we wouldn't lose all of it. Well about 2 months later the Joplin tornado hit and guess what happened to the stock market value of the electric company? It dropped like a hot potato! So guess what? Of course it sold with out us even having a chance to say, whoa, we will ride this one out. Done, done, to bad. Gone. Lost almost 3,000$. Now I went to have my taxes done and find out, you guessed it, now I have to claim this sale of stock as income for 2011!!!! Dang, this was money that was in the bank the first of the year and had already been taxed before it got there. Now all of a sudden it is income and we get taxed again. All seems very unfair, except we can take the amount lost as a loss. Whoopi! Won't know till next week when taxes are finalized how it will come out. So just beware, if you have stock and you have a stop/sell on it you could get into trouble. Heck look at Martha Stewart! Except she got in trouble cause the stock sold when it got HIGH, not low. We are to stupid for the stock market.
PS: just found out this is my 700th post!
Posted by dc at 2:01 PM