Related Posts
What do Spark Foundry ADs in Chicago make?
Additional Posts in Personal Investment Chatter
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
What do Spark Foundry ADs in Chicago make?
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site
Send download link to your phone
OR
Scan your QR code to download
Fishbowl app on your mobile
Rising Star
You can reduce your regular income by up to $3k of loss. So you’d be taxed on $497k instead. Excess loss over $3k can be carried forward to future years.
Rising Star
Do any of your funds have cap gain distributions? Even if you didn’t sell, you can still have capital gains.
Oh, that’s a good point P1. I’ll check
I didn’t sell anything else during the year so no capital gains. However we fall into a very high income tax bracket this year - HHI 500k. Can I use this 3k loss to offset my income tax? Are there any considerations for this? Eg. I will not buy the same stock again in 30 days
You can not repurchase the assets for 30 days or it’s a whitewash sale and you can’t take the loss. Technically you can’t purchase like assets (ie two ETFs that track same index are technically a whitewash), but I’ve never had an issue here.
The limit for individuals is 1.5k. The 3K is only if you’re married and filing jointly.
You can carry additional forward for an unlimited amount of time. I rebalanced in height of Covid last year and will have a carry forward for 10 years.
Chief
There are no income limits on the $3k cap loss deduction.
Thank you P1 and ASM1