Hello all,
So a while back, i thought i'd try my luck buying individual stocks, and without getting into too much detail, company X gave me $5000 gain in less than one year and I sold because I was happy with the results and needed the money, so i'm going to have to pay capital gains taxes of 25% (which would be $1250) since i held for less than a year. Company Y was very crappy and gave me a $2000 loss instead, but I'm still holding on to it in the hopes that the price might go back up.
My question is: should I sell company Y at a $2000 loss and could that be used to eliminate the $1250 capital gains taxes for company X? or should I keep holding on to it hoping that the price goes up again?