Combining accounts after getting married

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
jopra
Posts: 4
Joined: Wed Mar 01, 2017 9:05 pm

Combining accounts after getting married

Post by jopra » Wed Oct 18, 2017 6:08 pm

I recently got married and have been investing in a Betterment account. My wife has been investing in a Wealthfront account. Now that we are married and will be filing taxes jointly as a couple, is there any tax problem with having both accounts? I know both systems utilize tax loss harvesting, but is there a problem if one system is harvesting losses that are still held in the other account? What happens if in my Scottrade account I have one of the ETFs?

Thanks for any advice!

Grt2bOutdoors
Posts: 17138
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: Combining accounts after getting married

Post by Grt2bOutdoors » Wed Oct 18, 2017 8:33 pm

No problem harvesting losses so long as one account does not immediately or within 30 days purchase before or after the sale the same exact ETF, otherwise the sale will be disallowed - called a wash sale transaction.
You can however purchase the same ETF 31 days or more before harvesting losses without running afoul of wash sale rule.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

Post Reply