wash sale rules

Ep. 59 Year End Planning - Make the Most of Capital Gains and Losses

In this episode of the Red Barn Financial Podcast, we will talk about how to minimize your taxes by taking advantage of capital gain and loss planning.   We will talk about what the differences are between short term gains and losses versus long term capital gains and losses.  I will explain the netting rules and how each are taxed.  

I will share with you how to use capital gains to offset capital losses and how to avoid wash sale rules that could prevent you from deducting your capital losses.

If you have questions about this strategy or other financial planning topics, please reach out. Contact Sean Moran at smoran@redbarnfinancial.com call 615-619-6919 or learn more at www.redbarnfinancial.com

Disclaimer: Information provided in this podcast are not tax, legal or financial advice. 

In this episode: 

• We review the Wash Sale Rules for stock.
• We discuss the nuances you should be aware of regarding Capital Gains Tax.
• If you want to elect portability, you MUST file an Estate Tax Return.
• The annual gifting amount of $6,000 can be placed directly into an IRA for a child, IF that child is earning income.
• Bank accounts in foreign countries MUST be disclosed to the IRS. 
• Hiring your child is a great tax strategy.

We also hear from our guest, Pastor Jamillah A. Mantilla, Ph.D., MBA.  She is a pastor, traveling companion, clinical counselor, educator, advocate, stock trader and global leader.  Hear how she balances all of her identities, her passion for helping to end human trafficking, and her calling to serve other and help them heal. 

Find her at:

https://bizambassador.com

https://expandandrise.com

https://www.Globalembassy.world

https://ybirb.com