How can I track my investment taxes effectively?
You can track your investment taxes by keeping detailed records of all your transactions, including purchases, sales, and dividends.
What tools or software do you recommend for tracking these taxes?
I recommend using tax software like TurboTax or investment tracking apps like Personal Capital, which can help organize your data.
Are there specific tax forms I need to be aware of?
Yes, you'll need to be familiar with forms like the 1099-B for reporting capital gains and losses.
How can I minimize my investment tax liability?
Consider strategies like tax-loss harvesting, holding investments for over a year, and utilizing tax-advantaged accounts.
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