How can I effectively harvest losses for tax purposes?
An example of an AI chatbot conversation about harvesting losses for tax benefits.
What does it mean to harvest losses?
Harvesting losses refers to selling investments at a loss to offset taxable gains, reducing your tax liability.
How can I determine which investments to sell?
You should look for investments that have decreased in value and consider selling them to realize the loss.
Are there any rules I should be aware of?
Yes, be mindful of the wash-sale rule, which disallows claiming a loss if you repurchase the same security within 30 days.
Can I harvest losses in my retirement accounts?
Generally, you cannot harvest losses in tax-advantaged accounts like IRAs or 401(k)s, as losses aren't recognized for tax purposes.
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