What are the benefits of tax-loss harvesting?
An example of an AI chatbot conversation about tax-loss harvesting benefits.
What are the benefits of tax-loss harvesting?
Tax-loss harvesting allows investors to offset capital gains with losses, reducing their tax liability.
How does it work in practice?
In practice, you sell investments that have lost value to realize the loss, then reinvest in similar assets.
Are there any risks involved?
Yes, risks include potential wash sales and missing out on market recovery if you sell too early.
Can it be used for retirement accounts?
Tax-loss harvesting is generally not applicable to retirement accounts like IRAs, as they are tax-advantaged.
What should I consider before starting?
Consider your overall investment strategy, tax situation, and consult with a tax advisor for personalized advice.
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