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| Name | What's the Best Way to Use a Capital Loss Carryover? |
| Video Uploader | Video From Your Money, Your Wealth |
| Upload Date | This Video Uploaded At 13-10-2022 22:00:08 |
| Video Discription | "Hi Joe, Big Al, and Andi, your show is the best. I listen to it both days on the weekends. I have a $150,000 capital loss carryover in my brokerage account, left over from the dot-com bust. I can deduct $3,000 of that money each year from my ordinary income. At that rate it will take 50 years to zero-out the balance. I'm wondering what's the best way to leverage this money. I've heard that the carryover does not survive the individual. (What if the account is in a trust?) I've also heard that you can use this money against capital gains in the same account (not enough there and not enough profits in the bear market), or Roth conversions, or RMDs, or real estate sales. I'll be 69 soon, and will start taking Social Security next year at 70. I've got about $300,000 in investments, mostly in retirement accounts. I expect to be working past 70. (I'm in the 24% bracket, with a little in 32%. I've got $200,000 in equity in my home, and 300 left on the mortgage. No rental real estate. No pension.) I'm thinking about two main ways to use this loss: 1) Roth conversions, maybe $50,000 a year for three years. 2) RMDs, starting at 72. Are there other options? Does it make more sense to use the loss now for Roth conversions or wait for the RMDs? Thanks so much. I've learned a lot from all of you. San Diego craft beers are pretty amazing. I'm enjoying Stone IPA. - Steve, San Diego" Listen to the entire Your Money, Your Wealth® podcast: https://bit.ly/ymyw-396 Download the Tax Planning Guide: https://purefinancial.com/white-papers/tax-planning-guide/?utm_source=youtube.com&utm_medium=PodcastClips&utm_campaign=YMYW Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation. Schedule a free assessment with an experienced financial professional: http://bit.ly/PureAssessment Office locations: https://bit.ly/PureLocations Ask Joe & Big Al On Air: https://purefinancial.com/ymyw/ask-joe-and-al/ Subscribe to our YouTube channel: http://bit.ly/YMYW-YouTube Subscribe to the Your Money, Your Wealth® podcast: https://link.chtbl.com/ymyw?sid=y IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor. • Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors. CFP® - The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation. CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period. [8e5wGG_309g] |
| Category | Education |
| Tags | capital gains tax | capital loss | capital loss carryover | ordinary income | financial planning | personal finance | retirement planning | retirement podcast | personal finance podcast | financial podcast | your money your wealth | pure financial advisors | peer financial | joe anderson | alan clopine | big al clopine | financial education |
