Keep your wits about you, and watch out for the ‘wash sale’ rule.
If your investments have swung wildly up and down this year, join the club. You may have already recognized some significant gains and some significant losses —especially if you’ve been buying the dips and riding the elevator back up before selling. Then starting all over again.
Here’s what you need to know to avoid an unexpected tax outcome. I’ll start off with something that you almost certainly already understand, but you know what happens when we assume. So, onward. Step 1: Divide your gains and losses into short-term gains and losses from investments held for one year or less and long-term gains and losses from investments held for more than one year.
Step 5: Carry over any remaining net short-term or long-term capital loss after Step 4 to next year where it can be used to offset capital gains in 2023 and beyond. Step 3: If your long-term gains exceed the total of your long-term and short-term losses, you have a net long-term capital gain for the year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Batteries are powering defection from the electric grid - The San Francisco ExaminerFor years, Treasure Island residents have suffered blackouts, leaving the island without power for hours. Calls to update the aging infrastructure are ignored. Now, residents are turning to solar and battery storage to keep critical services running.
Read more »
Australian Taxation Office to Focus on Capital Gains From Crypto Assets – Taxes Bitcoin NewsThe Australian tax agency has listed crypto-related profits among several priority areas where it wants to ensure correct reporting.
Read more »
TaxBit nets strategic investment from Haun VenturesCrypto tax software provider TaxBit has netted a strategic investment from Katie Haun's recently-formed Haun Ventures.
Read more »
Pima County Board of Supervisors releases tentative budgetPima County has released a tentative budget for Fiscal Year 2022-23 that shows a drop in property tax rates for the upcoming year.
Read more »
The Only Thing Worse Than a Bad Job…On Better Life Lab: There's workplace stress, and then there's the stress of unemployment.
Read more »
How to Eat Candy Like a Swedish PersonIn Sweden, every Saturday is effectively a national holiday, called lördagsgodis, which means “Saturday candy.”
Read more »