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The Long View
Ed Slott: Tax Planning for 2025 and Beyond
Nov 26, 2024
In this insightful discussion, Ed Slott, a CPA and retirement expert, shares valuable tax planning strategies ahead of 2025. He explains the intricacies of tax-loss harvesting and the importance of cost basis accounting. Ed dives into Required Minimum Distributions, highlighting common pitfalls and effective strategies, including Roth conversions. He also explores innovative charitable giving techniques for maximizing tax benefits and navigates the implications of the SALT cap for high-tax states. This episode is a treasure trove for anyone looking to optimize their financial future!
58:59
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Quick takeaways
- Investors should conduct year-end tax-loss selling by identifying underperforming stocks to offset capital gains effectively amidst a strong market.
- The complexity of tracking cost basis is crucial for effective tax-loss harvesting, yet it may overwhelm investors without careful record-keeping.
Deep dives
Tax Loss Selling and Consolidation Strategies
As the year ends, investors should consider tax loss selling, particularly in a strong stock market, where it may be harder to find candidates for this strategy. Investors are encouraged to review their portfolios for lingering underperforming stocks, known as 'dregs,' that could be sold to offset gains. The discussion also emphasizes the importance of meticulous cost basis tracking, especially if using specific share identification for tax loss harvesting, which allows for more strategic decision-making regarding which shares to sell. However, this method requires diligent record-keeping and may overwhelm investors due to the complexity of tracking various purchase dates and prices.
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