Keep your wits about you, and watch out for the ‘wash sale’ rule.
If your investments have swung wildly up and down this year, join the club. You may have already recognized some significant gains and some significant losses —especially if you’ve been buying the dips and riding the elevator back up before selling. Then starting all over again.
Here’s what you need to know to avoid an unexpected tax outcome. I’ll start off with something that you almost certainly already understand, but you know what happens when we assume. So, onward. Step 1: Divide your gains and losses into short-term gains and losses from investments held for one year or less and long-term gains and losses from investments held for more than one year.
Step 5: Carry over any remaining net short-term or long-term capital loss after Step 4 to next year where it can be used to offset capital gains in 2023 and beyond. Step 3: If your long-term gains exceed the total of your long-term and short-term losses, you have a net long-term capital gain for the year.
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