How to Pay 0 Taxes on Capital Gains Tax
DecaMillionaire Decoded
Strategies for Minimizing Capital Gains Taxes
This chapter explores effective strategies to minimize capital gains taxes, such as leveraging dividends and utilizing retirement accounts. It also covers tax loss harvesting and stresses a holistic approach to financial planning for optimal tax management.
In episode 161 of Financially Simple, Justin looks at ways to reduce or even avoid paying Capital Gains Tax.
Capital Gains Tax is an Income Tax that is applied to any money you make from the sale of an Asset. Justin looks at several methods of minimizing or even eliminating the amount you could be liable for.
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TRANSCRIPT/BLOG: BLOG: Minimize Capital Gains Taxes to Get a 0% Rate
TIME INDEX:
01:06 - How to Pay 0 Taxes on Capital Gains Tax
01:21 - What is a Capital Gain?
01:44 - Short-Term Gains & Long-Term Gain
03:05 - The Magic Number
04:50 - Hold On
06:13 - Exclude Home Sales
07:45 - Rebalance With Dividends
09:19 - Use Tax-Advantaged Accounts
10:04 - Tax Loss Harvesting
11:59 - Carry Losses Over
14:30 - Wrap Up
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Ep. 59: Taxes - Creative Planning & Reduction Ideas, with Chris Mahan
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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