10 Year-End Tax Moves to MakeSubmitted by AssetGrade, LLC. on December 18th, 2013
submitted by Patrick Cote on December 18th, 2013
We are almost at year-end now, so even if things seem crazy trying to get everything done during the holidays, it is worth spending a little bit of time on year-end tax moves. It can be worth a significant amount.
This article covered several interesting topics. If you have any investments, I think one of the most important is #4, tax loss harvesting. With the S&P 500 up almost 30% in 2013, there is a good chance you will be facing capital gains. Even if you have not sold any investments, any mutual funds you have may be distributing gains. If those gains are in a taxable account, you can offset those gains by selling investments that have a loss. Just be mindful not to buy the same or a "substantially identical" investment for another 30 days to avoid the wash sale rule, but you can consider similar investments.