Tax Loss Harvesting Help

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Objectr
Posts: 6
Joined: Wed Jan 15, 2020 7:54 am

Tax Loss Harvesting Help

Post by Objectr »

Just so I'm clear, if I sell assets out of a taxable account and have a loss of around $20,000, can I utilize that to offset $20,000 of a long-term capital gain I'll be realizing from a property sale this year? The capital gain will be around $150,000 so I'm hoping to ease all that tax I can. FWIW - I plan on purchasing back in but with assets to avoid the wash rule. Thanks in advance!
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FiveK
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Joined: Sun Mar 16, 2014 2:43 pm

Re: Tax Loss Harvesting Help

Post by FiveK »

Yes. The individual sales will go on https://www.irs.gov/pub/irs-pdf/f8949.pdf, then from there to https://www.irs.gov/pub/irs-pdf/f1040sd.pdf, and the net amount will be on line 15 of Schedule D.
Topic Author
Objectr
Posts: 6
Joined: Wed Jan 15, 2020 7:54 am

Re: Tax Loss Harvesting Help

Post by Objectr »

Thank you kindly!
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GMCZ71
Posts: 559
Joined: Sat Oct 13, 2018 8:05 am
Location: McMinnville, Or

Re: Tax Loss Harvesting Help

Post by GMCZ71 »

Objectr wrote: Wed May 25, 2022 7:38 pm loss of around $20,000, can I utilize that to offset $20,000 . FWIW - I plan on purchasing back in but with assets to avoid the wash rule. Thanks in advance!
Use tax loss partner(s) so you just exchange into new ticker and not sit out of the market. You may get another loss before December.
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