Tax-Loss Harvesting Strategies to Maximize Your Benefit and Avoid Costly Mistakes
- Tax-Loss Harvesting Strategies to Maximize Your Benefit and Avoid Costly Mistakes James Conole, CFP® 25:23
Tax loss harvesting is a strategy that investors use to reduce their tax bill. However, there are many misconceptions about tax loss harvesting, including when it's valuable and how to do it effectively.
James debunks some of the most common myths about tax loss harvesting and explains how to use this strategy to your advantage.
Questions Answered:
How can investors benefit from tax loss harvesting by offsetting capital gains and ordinary income taxes?
What are the rules and limitations surrounding tax loss harvesting, including the wash sale rule?
Timestamps:
0:00 Intro
3:59 Listener example
6:26 Identify a replacement Security
11:17 Example
17:20 Capital losses
20:30 Looking at tax loss harvest
23:44 Intentionally realizing gains
24:25 Outro
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