Joe Bublé, managing partner, tax services, and Patrick Daly, partner and co-leader of the High-Net-Worth Practice, were recently featured in the Wall Street Journal discussing year-end moves that can be made to lower individuals' tax burdens.
"While any year could potentially be a good time to consider tax-loss harvesting, “it may be especially important this year” for many investors stung by the financial markets’ mood swings and higher interest rates, says Patrick Daly."
Joe highlights a specific scenario, saying "If your capital losses are larger than your gains, you typically can deduct as much as $3,000 of net capital losses against other income, such as salary. (The limit is $1,500 for married taxpayers filing separately.) If your net losses exceed these limits, the excess amounts typically get carried over into later years."
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