If you woke up to quadruple-digit gains on GameStop (NYSE: GME) stock, you’re probably living every investor’s fantasy. Shares of the video game retailer have surged more than 1,500% since the beginning of the year, driven by coordinated buying efforts of traders on popular social media sites such as Reddit.
Although there’s much debate over the future of GameStop, there’s no doubt that the stock is one of the hottest investments in the market right now. Anytime a stock experiences a meteoric rise within a short period of time, investors are left with a difficult decision: Should I buy more, hold, or sell?
No matter what decision you make, this is the best time to start thinking about smart tax strategies that will allow you to enjoy more of your stock market victories.