Let’s Talk… End of Year Gain/Loss Positions!!

So it’s the end of the year. One of the things I tell people to do is to take a look at where they stand in gains vs losses in their taxable account. Here are some things to remember and some ideas to make tax day easier next April. 

1. You need to see if you are showing gains. Did you sell an investment at a gain? Was that investment held for more than a year (long term capital gain) or less than a year (short term capital gain)?
2. If you do, do you have losers in your portfolio that you can bear to get rid of?
3. Remember you have to wait 30 days to buy the stock back or the loss is disallowed.
4. Lastly, if you really can’t bear to not own the stock you just sold for a loss (for 30 days) because you think it’s about to make a big move, you can buy it in a retirement account and it’s not subject to the wash sale rule.

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The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendations for any individual.

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.