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Take some losses to offset the gains.

If your portfolio has some losses in it, sell those off and buy them back next month (to avoid wash sale restrictions). You get your stock back in your portfolio at a lower basis and you offset you short term capital gains, paying less tax.
[Post edited by Hokie CPA at 10/11/2018 3:28PM]

(In response to this post by CPRVHokie)

Posted: 10/11/2018 at 3:26PM

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Current Thread:

📉 ** -- OXVT 10/11/2018 11:07AM

I could make it go back up by selling everything. ** -- Will Stewart

10/11/2018 12:15PM

BUY BUY BUY, then sell in 2 days when things are back to normal. ** -- vt_mughal 10/11/2018 11:20AM

Short term cap gains are taxed like a mfer ** -- CPRVHokie 10/11/2018 12:44PM

Take some losses to offset the gains. -- Hokie CPA 10/11/2018 3:26PM

Profit is still profit. You can always plan for taxes. ** -- vt90 10/11/2018 12:56PM

It was a statement of fact. An a true statement of fact. ** -- CPRVHokie 10/11/2018 1:55PM

So? I have some cash that I keep in the bank that just sits there -- vt_mughal 10/11/2018 12:51PM