Calling Vinnie - The Taxman

[Kbg]

Vinnie,

Can you take a look at my post in the Leveraged PP section and give us your thoughts on what is likely to be the best tax route.

With VXX if you trade it more than once a year it is near guaranteed most years you will sell at a significant loss and generate ST capital losses. VIXY will get you a 6781 every year with most likely losses every years but treated as futures.

Assume one is in the mid to higher tax brackets

Thanks kbg

[yankees60]

Vinnie,

Can you take a look at my post in the Leveraged PP section and give us your thoughts on what is likely to be the best tax route.

With VXX if you trade it more than once a year it is near guaranteed most years you will sell at a significant loss and generate ST capital losses. VIXY will get you a 6781 every year with most likely losses every years but treated as futures.

Assume one is in the mid to higher tax brackets

Thanks kbg

I'd never bill myself as being a tax person. Most people associate accountants with taxes. However, for almost my entire accounting career I was the inside accounting / financial person - finance director, chief financial officer, controller, finance director. I was not your typical accountant going through a tax season every year.

I did word for a CPA firm for 9 years and did do taxes for 9 years but even then I was much better at doing entity (corporations / partnerships / LLCs) tax returns than personal returns. Thus, did more of the former than the latter and I never developed that deep a personal tax knowledge.

Since I left that job 8 years ago the only tax returns I'm involved with is one Sub S return, that Sub S owner's personal return (which is quite simple), and my own.

I am a tax expert on anything related to my personal return. I research to death anything involving me to get it right. But the rest of the personal tax world that does not affect me or that business owner is ignored by me.