Jim DahleEmergency Physician and Financial Educator for Medical Professionals

Tax Loss Harvesting The Right Way #doctor #tax #taxes #money #personalfinance

Name: Tax Loss Harvesting The Right Way #doctor #tax #taxes #money #personalfinance
Uploaded: 2024-07-26T07:00:27Z
Channel: Jim Dahle
Description: This is a YouTube video titled "Tax Loss Harvesting The Right Way" created in July 2024, containing a monologue or single-speaker explanation about tax…

26 Jul 2024

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This is a YouTube video titled "Tax Loss Harvesting The Right Way" created in July 2024, containing a monologue or single-speaker explanation about tax loss harvesting strategies using ETFs in taxable accounts. The speaker discusses swapping between Vanguard and iShares total stock market ETFs to avoid the wash sale rule. There is no indication that Jim Dahle is a participant or that this is a multi-speaker conversation.

So what I do when I tax loss harvest is everything. In my taxable account, I've identified two securities that I'm happy to hold either one of them for the rest of my life. For example, for the US stock market, I hold ETF BTI, which is the Vanguard Total Stock Market ETF, and I hold the iShares. I taught ITOT. This is the iShares Total Stock Market ETF. So when I'm tax loss harvesting, I sell VTI with a loss and buy ITOT, or vice versa. That's it. So the 30 day wash rule doesn't apply because I'm not waiting 30 days to buy VTI back. If you don't try to frenetically tax loss harvest where you're swapping every day for a week, then you don't have this issue. So just do big tax loss harvest when the market drops a lot, and then don't sweat it beyond there.