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Wednesday, December 05, 2012 1:45:33 PM
Sell loser investments to offset gains
A key year-end strategy is called “loss harvesting” --selling investments such as stocks and mutual funds to realize losses. You can then use those losses to offset any taxable gains you have realized during the year. Losses offset gains dollar for dollar.
And if your losses are more than your gains, you can use up to $3,000 of excess loss to wipe out other income.
If you have more than $3,000 in excess loss, it can be carried over to the next year. You can use it then to offset any 2013 gains, plus up to $3,000 of other income. You can carry over losses year after year for as long as you live.
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