by jbnaples | September 25, 2012 9:23 am
I’d like to know from some of our more educated investors more about PFIC companies. If you think SAND is a PFIC company and what is the best way to invest in a PFIC company to best protect yourself from high tax issues. Please respond only if you have some expertise in this matter as everyone seems to have an opinion but I don’t want anyone to get hurt by misinformation.
When asking an accountant, his advise was to stay away from PFIC investments. Thanks in advance for your suggestions of how to best protect your $$$$.
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If you are worried about taxes you should not be buying stocks unless you loose all the time and need the write off’s. Somethings you hold onto and somethings you sell when it is time to sell , every situation is different but if you had sand before the nyse and then bought some more after they rang the bell you might like the ringing.
Cathy,
Thanks for the educated response about investing in PFIC companies. “If your worried about taxes you should not be buying stocks” This is a ridiculous statement and one that should be saved for a yahoo message board not this one. It’s about educating investors about the severe downfalls of a PFIC company as well as using different vehicles such as Roth IRA accounts to prevent an investor from paying as much as 50% of their profits in tax. I started buying SNDXF pre-consolidation @ 0.92 and held 50K shares. I’ve added to that position now SAND another 5000 shares sense then. Your answer offered nothing to those of us that are interested in preserving our profits while investing in a PFIC company. If you had a large size portfolio and you had no concerns about tax consequences then your a fool. Perhaps you should not be investing in stocks or at least not answering questions you fail to comprehend. Thanks for nothing.