01-19-2022, 10:32 AM
PFIC Tax question for form 8621.
<!-- SC_OFF --><div class="md"><p>I know this really isnt the sub but thought this group might have the most experience. I have asked the tax sub as well but havent heard anything yet. </p> <p>Anyway here is my question.</p> <p>I have asked two accountants and they both came to the same answer but I wanted to see what you all thought. </p> <p>In 2021 I bought 170 units of PSLV for a cost basis on $1,600, currently it is only around $1,400 value and I want to sell and exit this position and be done with that fund. Both of the accountants I talked to said that since I owned less than the threshold value (25k single filer and 50k married filer), plan to sell for a loss, and will have held the fund for less than a year that I dont need to bother filling out the 8621 for 2021 and can reassess for the 2022 tax filing if I want to make it work for a tax loss but for $200 I honesltly just dont care enough. Any thoughts from this group?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/JJMaccky2016"> /u/JJMaccky2016 </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/s7hsp5/pfic_tax_question_for_form_8621/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/s7hsp5/pfic_tax_question_for_form_8621/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I know this really isnt the sub but thought this group might have the most experience. I have asked the tax sub as well but havent heard anything yet. </p> <p>Anyway here is my question.</p> <p>I have asked two accountants and they both came to the same answer but I wanted to see what you all thought. </p> <p>In 2021 I bought 170 units of PSLV for a cost basis on $1,600, currently it is only around $1,400 value and I want to sell and exit this position and be done with that fund. Both of the accountants I talked to said that since I owned less than the threshold value (25k single filer and 50k married filer), plan to sell for a loss, and will have held the fund for less than a year that I dont need to bother filling out the 8621 for 2021 and can reassess for the 2022 tax filing if I want to make it work for a tax loss but for $200 I honesltly just dont care enough. Any thoughts from this group?</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/JJMaccky2016"> /u/JJMaccky2016 </a> <br/> <span><a href="https://www.reddit.com/r/investing/comments/s7hsp5/pfic_tax_question_for_form_8621/">[link]</a></span> <span><a href="https://www.reddit.com/r/investing/comments/s7hsp5/pfic_tax_question_for_form_8621/">[comments]</a></span>Kind Regards R