How to cash in your investments with 0% capital gains taxes
When you harvest your losses, you sell the losing stocks in your taxable account and then use those losses to offset any capital gains you may have realized elsewhere in your portfolio.
Since the standard deduction in 2019 is $12,200 for singles and $24,400 for married-filing jointly, it means you can have up to $51,575 in income if single , apply the deductions and get in below the income threshold for 0% capital gains taxes.You might wonder why you'd sell a big winner if it's faring well.
If you sell the investment and then buy it back at a higher price, you will have reset your cost basis. By selling it when you're in a low tax bracket, you're doing it with no taxes on the appreciation. "Maybe those are years where you have income that's a little bit low and now you can do something along the lines of taking and selling those capital gains at a 0% tax rate," he said.The path to tax-free gains has plenty of landmines for the uninitiated, so don't go it alone. Work with your financial advisor or CPA.
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