How can I use tax loss harvesting to reduce my taxes?
An example of an AI chatbot conversation about tax loss harvesting strategies.
How can I use tax loss harvesting to reduce my taxes?
Tax loss harvesting involves selling investments at a loss to offset capital gains taxes. Would you like to know how to implement it?
What types of investments can I use for tax loss harvesting?
You can use stocks, bonds, mutual funds, and ETFs. It's best to focus on those that have decreased in value.
Are there any risks associated with tax loss harvesting?
Yes, one risk is the wash sale rule, which disallows the deduction if you repurchase the same security within 30 days.
How do I report tax loss harvesting on my tax return?
You report it on Schedule D of your tax return, detailing your capital gains and losses.
Can I use tax loss harvesting in retirement accounts?
No, tax loss harvesting applies only to taxable accounts, as retirement accounts have different tax rules.
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