What are the benefits of tax-loss harvesting?
An example of an AI chatbot conversation about tax-loss harvesting benefits.
What are the benefits of tax-loss harvesting?
Tax-loss harvesting can help reduce your taxable income by offsetting capital gains with losses.
How does it work in practice?
In practice, you sell investments that have lost value to realize the loss, which can then offset gains.
Are there any risks involved?
Yes, risks include potential wash sales and the impact on your overall investment strategy.
Can it be used for retirement accounts?
Tax-loss harvesting is generally not applicable to tax-advantaged accounts like IRAs or 401(k)s.
What should I consider before starting?
Consider your overall tax situation, investment goals, and consult a tax professional for personalized advice.
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