It’s particularly difficult for investors, he said, who have to report their earnings and losses from the market to the IRS.
As an alternative, Harris, who currently heads financial services firm Evergreen Money and recently authored a book about reducing tax burdens, shared his three biggest tax tips for investors with Before the Bell.
So for tax purposes, selling securities that have lost value can offset the taxes due on gains from successful investments.
If your losses exceed your gains, you can carry the net loss (total losses minus total gains) into the next tax year, potentially reducing future tax burdens.
If you have three children and two parents, that’s $108,000 in tax free money a year, Harris said.
Persons:
They’ll, ”, Bill Harris, It’s, Harris, “, Roth, hasn’t, “ you’re, Laura, Anna Cooban, Brent, Germany’s DAX, Read, Tempore Mike McGuire
Organizations:
New, New York CNN, National Taxpayers Union Foundation, Paypal, CNN, Evergreen Money, Bell, Investments, Brent, Traders, CAC, FTSE, Nikkei, International Energy Agency, ANZ, Google, California Journalism, Meta, California, Pro, Tempore, ”
Locations:
New York, United States, Israel, Iran, Tehran, Syria, Shanghai, Paris, California, America