I'm planning to do enough tax loss harvesting to offset the distributions paid out this quarter. I can do this by exchanging about 25% of one balanced fund for another which I will then hold for the long term. I am just waiting to get past the distributions on the new fund.
After this year, I'm thinking cap gains distributions will be low to nil for at least a couple of years. At least that was how it was after 2000/2001.