As year end approaches I have some bills that I'll be paying with funds from profitable stock sales. As the sales are profitable I'll incur CGT, fair enough.
I have stocks in my portfolio that are in the red currently but I want to hold in the long term. I'm considering selling some of these at a loss to offset the capital gain and bring my tax liability for 2023 to zero. I'm also considering buying them back after a month so I keep my holding at around the same level. It is understood the price will change in the interim.
Anyone else practicing this? Any reservations or pitfalls? Thanks for any insights on such a practice.
I have stocks in my portfolio that are in the red currently but I want to hold in the long term. I'm considering selling some of these at a loss to offset the capital gain and bring my tax liability for 2023 to zero. I'm also considering buying them back after a month so I keep my holding at around the same level. It is understood the price will change in the interim.
Anyone else practicing this? Any reservations or pitfalls? Thanks for any insights on such a practice.