10 Tips for Harvesting Investment Losses

在本期 Motley Fool Hidden Gems Investing Project（雷锋资本隐藏瑰宝投资项目）的周六个人理财版节目中，主持人罗伯特·布罗坎普（Robert Brokamp）解释了投资者如何将投资亏损转化为税收优惠，并详细介绍了在非退休账户中管理亏损和收益的十个要点。 ### 税损抛售基础知识 尽管标普 500 指数接近历史高点，但许多个股和行业仍处于水面以下（亏损状态）。罗伯特·布鲁克（Robert Brook）解释说，投资者可以利用应税账户（不包括个人退休账户 IRA、401(k) 或健康储蓄账户 HSA）中的亏损来减少应纳税所得额： * **范围不仅限于股票：** 税损抛售适用于债券、共同基金、ETF 和期权合约。例如，Vanguard Total Bond Market ETF（先锋全债市 ETF）较其 2020 年的高点仍下跌超过 20%。加密货币也可以使用，尽管它有需要单独研究的不同规则。房屋等个人财产则被排除在外。 * **短期与长期匹配：** 在附表 D（Schedule D）上，投资者必须将销售额分类为短期（持有期为一年或更短）或长期（持有期超过一年）。短期亏损抵消短期收益，长期亏损抵消长期收益，剩余的亏损则互相抵消。过多的亏损每年可减少最高 3,000 美元的普通应纳税所得额（已婚单独申报者为 1,500 美元），并降低调整后总收入（AGI），这会对税收抵免、Roth IRA 缴款、医疗保健成本和经济援助产生积极影响。结转亏损可用于后续年度。 ### 避免洗售陷阱 * **30 天规则：** 不要在出售日后 30 天内买回售出的投资，否则该交易将被视为“洗售”，附表 D 上的亏损将不被允许扣除。这 61 天的时间窗口包括出售当天、前 30 天和后 30 天。在此期间再投资股息也会触发洗售。 * **实质性等同物：** 购买实质上相同的投资、通过其他账户（如 IRA）购买、购买看涨期权，或者将一只指数 ETF 换成另一只跟踪完全相同指数的 ETF，都将违反该规则。但是，投资者可以通过将标普 500 ETF 换成跟踪不同指数的 ETF 或购买特定行业的 ETF，来维持相似的市场敞口。 ### 成本基础与特定股份 * **多个成本基础：** 再投资的股息或多次购买意味着一项持仓可能包含收益和亏损的混合。 * **指定股份：** 投资者应避免简单地点击“卖出”，而是应该指定特定的成本基础方法。默认方法包括股票和 ETF 的先进先出法（FIFO），以及共同基金的平均成本法。经纪商必须报告 2011 年以后购买的资产的成本基础和持有期，但更早的资产需要手动核对记录。 ### 收益管理与战略注意事项 * **实现收益（Harvesting gains）：** 2026 年应纳税所得额低于 49,450 美元的单身个人或低于 98,900 美元的已婚夫妇，其长期资本利得税率为 0%，这允许他们出售并立即买回投资，以便免税重置为更高的成本基础。 * **潜在成本与风险：** 投资者必须权衡交易费用、买卖价差以及错过市场反弹的风险——尤其是 12 月，该月份在历史上超 70% 的时间里收益率为正。此外，实现亏损并以较低价格买回会产生较低的成本基础，如果投资者预计自己未来会处于更高的税率阶梯，这可能会导致更大的资本利得和更高的税收。 * **死亡与捐赠：** 资本亏损结转会随着投资者的去世而失效。相反，继承人可以获得按死亡当日估值的非退休资产的递升成本基础（stepped-up cost basis），从而免除资本利得税。将长期升值的投资捐赠给符合资格的非营利组织，可以让投资者完全避免资本利得税，如果在分项扣除时还可以扣除捐赠额，并可以用原本打算捐赠的现金立即买回股份。 罗伯特·布鲁克建议听众在做出财务决策之前，自行进行研究并咨询税务专业人士。

In this episode of the Motley Fool Hidden Gems Investing Project’s Saturday Personal Finance Edition, host Robert Brokamp explains how investors can turn investment losses into tax benefits, detailing ten essential tips for managing losses and gains in non-retirement accounts. ### Tax-Loss Selling Fundamentals Even with the S&P 500 near all-time highs, many individual stocks and sectors are underwater. Robert Brook explains that investors can use losses in taxable accounts (excluding IRAs, 401ks, or HSAs) to reduce taxable income: * **Broader than stocks:** Tax-loss selling applies to bonds, mutual funds, ETFs, and options contracts. For example, the Vanguard Total Bond Market ETF remains down over 20% from its 2020 peak. Crypto can also be used, though it has different rules requiring separate research. Personal property like a house is excluded. * **Short vs. long-term matching:** On Schedule D, investors must categorize sales as short-term (held for a year or less) or long-term (held for longer than a year). Short-term losses offset short-term gains, and long-term losses offset long-term gains, with remaining losses offsetting each other. Excess losses can reduce ordinary taxable income up to $3,000 per year ($1,500 for married filing separately) and lower Adjusted Gross Income (AGI), which can positively impact tax credits, Roth IRA contributions, healthcare costs, and financial aid. Carry-forward losses can be used in subsequent years. ### Avoiding the Wash Sale Trap * **The 30-day rule:** Do not buy back a sold investment within 30 days of the sale date, or the transaction is considered a "wash sale," disallowing the loss on Schedule D. The 61-day window covers the sale day, 30 days before, and 30 days after. Reinvesting dividends during this period also triggers a wash sale. * **Substantial equivalents:** Buying a substantially identical investment, purchasing through another account (like an IRA), buying call options, or swapping an index ETF for another tracking the same exact index will violate the rule. However, investors can maintain similar market exposure by swapping an S&P 500 ETF for an ETF tracking a different index, or buying a sector-specific ETF. ### Cost Basis and Specific Shares * **Multiple cost bases:** Reinvested dividends or multiple purchases mean a holding can have a mix of gains and losses. * **Specifying shares:** Investors should avoid simply clicking "sell" and instead designate a specific cost basis method. Default methods include First-In, First-Out (FIFO) for stocks and ETFs, and average cost for mutual funds. Brokers must report cost basis and holding periods for assets bought after 2011, but older assets require manual record-checking. ### Managing Gains and Strategic Caveats * **Harvesting gains:** Single individuals with taxable income under $49,450 or married couples under $98,900 in 2026 face a 0% tax rate on long-term capital gains, allowing them to sell and immediately buy back investments for a tax-free reset to a higher cost basis. * **Potential costs & risks:** Investors must weigh trading fees, bid-ask spreads, and the risk of missing market rebounds—especially in December, which historically experiences positive returns over 70% of the time. Furthermore, harvesting a loss and buying back at a lower price creates a lower cost basis, which could lead to larger capital gains and higher taxes if the investor expects to be in a higher future tax bracket. * **Death and donations:** Capital loss carry-forwards die with the investor. Conversely, heirs receive a stepped-up cost basis on non-retirement assets valued as of the date of death, erasing capital gains taxes. Donating long-term appreciated investments to qualified nonprofits allows investors to avoid capital gains taxes entirely, deduct the contribution if itemizing, and buy back shares immediately with the cash they would have otherwise donated. Robert Brook advises listeners to perform their own research and consult a tax professional before making financial decisions.