Yesterday was the last day of tax season (end of individual extensions) so I didn’t have time to post.
Well today I have something – a tutorial to get the most out of the IRS’ limitation on capital loss carryovers. This post in AccountingWeb by Julian Block talks about maximizing this loss by offsetting your losses with gains on other capital assets you might want to sell:
http://www.accountingweb.com/article/how-alleviate-cap-loss-tax-problem/223996
If you have a rental property or are selling your residence for a gain larger than the exclusion, or just want to rebalance your portfolio but have gains in some of your positions you don’t want to pay taxes on. Usually there is talk of ‘harvesting losses’ but this is actually ‘harvesting gains’ – well, whatever works.
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