Not a bad idea. The more info you have the better so figure out your total cap gains, w2 income.... before you made a decision, if you can get it together by market close. You wont see much a benefit, but everything counts.
Quote:
For tax-reporting purposes, the short-term gains and losses (those made in one year or less) are first netted against each other for the tax year; then long-term gains and losses (those made in more than one year) are netted; and finally the remaining outcomes are combined together. So, a net short-term loss of $10,000 can be applied against a net long-term gain of $5,000 for a remaining short-term loss of $5,000 [-$10,000 + $5000 = -$5000]. In any given year, there is no limit on the amount of capital losses that can offset capital gains. However, only a maximum of $3,000 net loss can be deducted from ordinary income ($1,500 per person if married filing separately); any excess loss may be carried forward into future tax years. The carry-forward loss must maintain its definition as either a short- or long-term loss.
Read more: Selling Losing Securities For A Tax Advantage
|