Can I use tax-loss harvesting for retirement accounts?
An example of an AI chatbot conversation about tax-loss harvesting in retirement accounts.
Can I use tax-loss harvesting for my retirement accounts?
Tax-loss harvesting is generally not applicable to retirement accounts like IRAs or 401(k)s because these accounts are tax-deferred.
What if I have a taxable brokerage account as well?
In that case, you can use tax-loss harvesting in your taxable brokerage account to offset gains and reduce your tax liability.
Are there any specific strategies I should consider?
Yes, consider selling losing investments to offset gains, and be mindful of the wash-sale rule to avoid disallowed losses.
How often should I review my investments for tax-loss harvesting?
It's a good idea to review your investments at least quarterly to identify potential tax-loss harvesting opportunities.
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