Do-It-Yourself Investors could be in for a rude awakening this tax season due to short-term trading and a failure to understand tax implications. Typically, investors can use capital losses to offset capital gains for tax purposes. However, the wash sale rules by the IRS disallow investors to claim losses if they sell and buy the same or very similar securities within 30 days. While technology has made it easier for investors to place trades on their own, it has also opened a new world of tax liability that was rarely encountered in the past.
At Brandywine Oak, we understand the intricacies of trading and utilize techniques to minimize taxes for our clients. To learn more about this timely topic, please read Think Advisor’s https://lnkd.in/ggZndRt.