Certain assets will now forgive all taxable gains, but what about losses?

• Now this original episode, we spoke about how if you inherit what they call taxable, so non IRA or annuity type assets, so really essentially, if money's in a joint account or an individual account, something like that, as of 2022, that entire gain would be forgiven. (01:06)
• So you would let's say inherit that $500 and that would be your kind of starting point. You wouldn't have to pay tax on that $450 growth that they experienced, that whole thing would kind of be thrown out and your new starting point would be the $500 value of where it is today. (03:10)
• So while avoiding gains is possible, so is missing out on losses. And for 2022 there may be losses all around to harvest, you know, that's what they call it, harvesting the losses, both for you and maybe your parents as well. (04:19)

Quote for the episode: "So taking a look at what this is and if harvesting any losses makes sense for your situation, this would potentially be worth looking into for something to do before the end of the year with your advisor, most likely, if you're not capable of doing that on your own." (04:47)

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