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 allows you to offset capital gains with losses, reducing your overall tax liability.
How does it work in practice?
In practice, you sell investments that have lost value to realize the loss, which can then offset gains from other investments.
Are there any risks involved?
Yes, risks include potential wash sales, where you can't claim the loss if you repurchase the same asset too quickly.
Is there a limit to how much I can harvest?
There’s no limit on the amount you can harvest, but you can only offset up to $3,000 of ordinary income per year.
Can I carry over losses to future years?
Yes, any unused losses can be carried forward to future tax years to offset gains.
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