Tax Loss Harvesting Help
Tax Loss Harvesting Help
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!
Re: Tax Loss Harvesting Help
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.
Re: Tax Loss Harvesting Help
Thank you kindly!
Re: Tax Loss Harvesting Help
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.
John |
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