How can I implement tax loss harvesting in my investment strategy?
An example of an AI chatbot conversation about tax loss harvesting strategies for investments.
How can I implement tax loss harvesting in my investment strategy?
Tax loss harvesting involves selling investments at a loss to offset capital gains. Would you like to know the steps?
Yes, what are the steps I need to follow?
First, identify your losing investments. Then, sell them to realize the loss. Finally, reinvest the proceeds in similar assets.
Are there any specific 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.
How can I track my investments for this?
You can use investment tracking software or spreadsheets to monitor your gains and losses throughout the year.
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