Late Losses in Stock Portfolio Can Offset Taxes Paid On Early Gains

Summary

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While shopping, decorating and wrapping gifts for others during the holidays, don't forget to take care of your own tax interests -- it could mean a substantial savings in your pocket, instead of more money in Uncle Sam's.

"Things are flip-flopped this year," said Tad Goodenbour, tax partner at BKD. "Chances are you have no more gains in your portfolio. But if you sold stock earlier, you have gains -- then your portfolio went to hell, and you haven't sold it, yet."

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Late Losses in Stock Portfolio Can Offset Taxes Paid On Early Gains

But taxpayers can offset the gain with the losses, if they sell their stock before the end of the year -- with a Dec. 31 trade date.

For a hypothetical portfolio that...

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