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re: Tax lost harvesting in Individual account
Posted on 12/20/22 at 9:17 pm to GeauxTigers777
Posted on 12/20/22 at 9:17 pm to GeauxTigers777
quote:Went bonkers with TLH this year in mine and my client's accounts, especially Sep and Oct.
How aggressive are you on this with your individual account?
quote:Should be fine.
What is the IRS opinion on Wash Sale for switching between s&p 500 etfs?
quote:Yes. (1) Helps your taxes that year and (2) gives you flexibility should you need to sell something that is at a gain for rebalancing or cash needs.
Is the wash sale normally worth it to lower the cost basis (if it’s a etf you will hold long term)?
I say do it. Dump it for 30 days. Jump right back on day 31.
Side note: you can only take a $3,000 loss each year on your taxes, but the rest is carried over to future years until you use it all.
3
Posted on 12/21/22 at 5:38 am to Niner
quote:
Side note: you can only take a $3,000 loss each year on your taxes, but the rest is carried over to future years until you use it all.
Bet a lot of folks will be using this one. First year i will have to explain this one to my wife
2022 was a rough year unless you had a bunch of Health care / O&G stocks or Etfs. I was way to invested in growth /midcap to be honest and paid the price.
Posted on 12/21/22 at 11:01 am to Niner
quote:
What is the IRS opinion on Wash Sale for switching between s&p 500 etfs?
quote:
Should be fine.
really? asking honestly because I don't know. but I can sell VOO to harvest losses and buy SPY the next day?
Posted on 12/21/22 at 2:31 pm to Niner
quote:Are you sure about that? I’ve seen examples of switching from a S&P500 to say a Total Market Index or maybe even something like a Russell 1000 Index (so still fairly large caps), but S&P500 to another S&P500 seems quite a lot like a “ Substantially Identical Security.”
Should be fine.
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