Given the market conditions, there is always 2 sides to every coin, there is the bad news and theres the good news.
First the bad news... Many of you probably went in at the wrong time , at peak silver prices, peak gold prices, peak crypto prices, and peak tech stock prices, many in highly leveraged option contracts and/or on margin.
It sucks, seeing the prices correct, seeing a lot of red. And if the options contract expire worthless, thats going to hurt a lot....
That's the bad news...
Now , let's move on to the good news...
The good news is...
1) Congratulations! If those massive losses are reallzed, it gives you a free lifetime membership to an exclusive club, called the "Lifetime Capital Loss Carryover Club"....
...Where you deduct a maximum of $3000-4000 of your total losses against your income each year, and the remaining realized losses you can carry over to the next year when you deduct another $3000-4000 of losses....and so forth for every year.....until all your losses have been used up....so depending on your realizes losses, every year, you will have a $3000-4000 tax deduction....possibly for your lifetime! So every year, you will pay less taxes than you normally would... Hence why this is called a "Lifetime Capital Loss Carryover"....
2) TVhe other good news is....
Man, i just saved a bunch if money switching to Geico Insurance......
You are welcome 🤣