Jeb-NY
Recycles dryer sheets
This is the last year of high taxable income. Next year will be my first full year of retirement and the plan is to juggle funds in away to stay in the 10-15% bracket.
Up till now I have been in the acquire mode and have never sold any of my mutual fund shares in my taxable account. I have done all my juggling in my 401K and Roth.
I have two funds that I bought during the tech bubble and rode out the dip buying all the way. When they started back up I stopped buying and let them grow back, figuring I had enough exposure in tech.
Both funds have recovered enough that on average, are a little ahead. Certainly not big winners. One can hope they will be some day.
As I understand it (and I may not), I can pick and choose which shares I sell. If I only sell shares that I bought for more than their current value I can harvest about $9K in capital losses. I should have more than that in capital gains this year, so I could use it all.
The question: Is this allowed and how much of a pain am I making for myself doing my taxes this year and in the future?
I do my own taxes. All my purchases and reinvestments are all in Quicken so I can pin point the shares fairly easy. Not sure how hard it will be to get the broker (TD Ameritrade) to sell the blocks I want.
Jeb
Up till now I have been in the acquire mode and have never sold any of my mutual fund shares in my taxable account. I have done all my juggling in my 401K and Roth.
I have two funds that I bought during the tech bubble and rode out the dip buying all the way. When they started back up I stopped buying and let them grow back, figuring I had enough exposure in tech.
Both funds have recovered enough that on average, are a little ahead. Certainly not big winners. One can hope they will be some day.
As I understand it (and I may not), I can pick and choose which shares I sell. If I only sell shares that I bought for more than their current value I can harvest about $9K in capital losses. I should have more than that in capital gains this year, so I could use it all.
The question: Is this allowed and how much of a pain am I making for myself doing my taxes this year and in the future?
I do my own taxes. All my purchases and reinvestments are all in Quicken so I can pin point the shares fairly easy. Not sure how hard it will be to get the broker (TD Ameritrade) to sell the blocks I want.
Jeb