taxable event related to long term stock sale – any way to offset tax impact in 2024?
I sold stock in August 2024 and have realized long term gains of about $700k this year. I naively didn’t think about the tax consequences. I have already maxed out my 401k and own my home – no mortgage interest. Is there any action I can take before year end to offset the tax impact? Please advise – open to all suggestions – thanks.
Terry Says
The only thing you can do is sell other holdings — AT A LOSS — to offset those gains. Do it immediately, as the sale must close before the last business day.
If you don’t have losses, just pay the taxes. Capital gains tax rates are the lowest. And you DID make a nice profit!
