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What if you could offset your investment gains by strategically selling at a loss—are you making the most of your tax-saving opportunities?
In this episode, Mike explains the tax strategy of tax loss harvesting, which involves selling investments at a loss to offset gains in other areas, ultimately reducing tax liability. The episode covers how to execute this strategy, the wash sale rule, and common mistakes to avoid. Key points include understanding the wash sale rule, which prevents the deduction of a loss if the same or substantially identical stock is repurchased within 30 days. The host also discusses how to maximize the benefits of tax loss harvesting while being strategic and mindful of its limitations.
[00:00 - 05:21] Introduction to Tax Loss Harvesting
[05:22 - 10:55] How Tax Loss Harvesting Works and The Wash Sale Rule
[10:55 - 14:30] Avoiding the Wash Sale Rule
[14:31 - 16:00] Common Mistakes and Considerations in Tax Loss Harvesting
Direct Quotes:
"Smart investors know how to turn losses into gains—into tax-saving opportunities." - Mike Jesowshek, CPA
"You can’t just sell and buy the same stock back right away without triggering the wash sale rule." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
4.8
245245 ratings
Send us a text
What if you could offset your investment gains by strategically selling at a loss—are you making the most of your tax-saving opportunities?
In this episode, Mike explains the tax strategy of tax loss harvesting, which involves selling investments at a loss to offset gains in other areas, ultimately reducing tax liability. The episode covers how to execute this strategy, the wash sale rule, and common mistakes to avoid. Key points include understanding the wash sale rule, which prevents the deduction of a loss if the same or substantially identical stock is repurchased within 30 days. The host also discusses how to maximize the benefits of tax loss harvesting while being strategic and mindful of its limitations.
[00:00 - 05:21] Introduction to Tax Loss Harvesting
[05:22 - 10:55] How Tax Loss Harvesting Works and The Wash Sale Rule
[10:55 - 14:30] Avoiding the Wash Sale Rule
[14:31 - 16:00] Common Mistakes and Considerations in Tax Loss Harvesting
Direct Quotes:
"Smart investors know how to turn losses into gains—into tax-saving opportunities." - Mike Jesowshek, CPA
"You can’t just sell and buy the same stock back right away without triggering the wash sale rule." - Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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