We apologize, there is a typo on net losses slide. Married and Single Filers have a $3,000 per year offset. Married Filing Separately has a $1,500 offset.
I view a ton of similar channels. Yours is always the clearest and most informative on any topic. Your presentation slides and examples make it easy to follow along despite the complex topics. THANK YOU!
Thanks. It occurred to me while watching that using my backlog of short term losses to cancel capital gains is stupid for me, since in my tax bracket I don't pay capital gains taxes anyway. Will use up my short term losses to cancel income before taking any capital gains.
Must I not have quarterly dividends reinvested automatically because the small dividend re-purchase disqualifies my loss? Does a $100 dividend reinvested disqualify the entire loss sale or just disqualify $100 of the loss? What about ETFs? ETFs have dividends coming within the fund itself, so do these dividends within a fund disqualify a loss? Like QQQ has Apple within the fund and Apple has a small dividend. Can that small dividend disqualify a loss when selling QQQ, if you are re-investing the QQQ dividends? What if you don't re-invest QQQ, but just let dividends go to cash. I have searched high and low for answers to these dividend questions and how dividends trigger wash sales.
So glad I use tax software. I had a lot of "taxable events" this year - I'll have to check everything carefully! Another great video - I have learned a LOT from you guys! Thank you!
At one point in the video, you say essentially that a good advisor can raise cost basis over time, can you explain what you mean by that? I know when you tax loss harvest you sometimes lower the base that you buy back into a fund or stock, when do you raise it preferentially?
Let’s say you digitally input the form 1099s from each of your digital brokerages into Turbo Tax. Are all of the capital gains and losses automatically calculated into your final tax return or do you have to use the 1099 to manually fill out the form 8949 and schedule D to be able to deduct your capital losses?
Video (2:51 mark) says that the income offset limit is $1,500 for single filers. Is that correct? Or is it $3,000 for single and married filers but $1,500 for married filing separate?
My brother lost $-30,000 in stock loss. He also lost his job. The following year, he have no income to file this year. Does he have to file to take $3000 loss when he have no income. Does he loss out? Can he not file until a year he have income and carry the -$30,000
The loss is not reimbursable it’s just reduces his taxable income. If he did not make anything then tax is close to 0 so the loss should be carried forward until it’s used up.
How would you handle a long term net loss and a short term net loss when the total of them both is only $1800 (this would be the total calculations of 2 separate brokerage accounts taken together)? If I can harvest up to $3000 per year in losses which would be better tax wise to sell at a loss(to add up to the $3000): short term losses or long term losses? I can't seem to-figure this? Please respond, thanks. Is that even clear?
i have long term losses, but no long term gains. Can I offset long term losses with short term gains? I don't want to report any losses on my taxes. HmmI think I see what im looking for at 5:44
I have 49 k short term losses Cary forward from last year .. I have some short term gain which could off set loss - do u think I should sell my blue chip stocks to offset my 49k looses ?
Hello! Does this apply for stocks that are sold, or just part of the portfolio. For example, if I sell Apple stock at a 400% gain, but then leave in Airbnb stock in my portfolio at a 19% loss (don't sell) is there an offset or is it only if I sell a gain and sell a loss that the offset is then activated?
