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When you have a mortgage, at some point you may decide to try and pay it off early. One option to consider is a biweekly (every two week) payment plan. With biweekly mortgage payments, you make 26 half-payments a year, which equates to 13 total payments in a year. It can be a good option for those wanting to contribute more money toward a mortgage, without having to commit a large amount of money. However, there are some drawbacks to this method. Consider working with a financial advisor as you manage your mortgage obligations.

","

Check out current mortgage rates.

","

You’ll need to weigh all the factors before deciding whether to commit to biweekly mortgage payments. Lets consider the pros and cons of entering a biweekly mortgage plan.

","

Pro 1: Pay Off Your Mortgage Faster

","

By making one extra payment a year, your mortgage will ultimately be paid off faster.

","

For example, if you’re buying a $100,000 home and you put 20% down, you’ll have an $80,000 mortgage. With a 30-year mortgage, it will normally take you 30 years to pay this off. But if you make biweekly mortgage payments, you will be making what equates to 13 monthly payments each year. Assuming a 6.5% interest rate and biweekly payments of $252, you would pay off your mortgage in a little over 24 years, or about six years early.

","

Pro 2: Build Equity

","

","

One of the reasons why homeownership is so attractive to so many people is that it allows you to build equity. Equity is your financial stake in your home. There are a few ways to build equity faster and one of them is making additional mortgage payments. The more you’ve paid toward your mortgage, the more equity in your house you own. By making an extra payment each year, you’ll gain equity more quickly.

","

Pro 3: It’s Easier to Budget

","

If you are paid biweekly, then having a biweekly mortgage payment can make it easier to budget. By always having the same amount going toward your mortgage from each paycheck you won’t have to worry about balancing between your two paychecks.

","

Pro 4: You May Save on Interest

","

Your lender may allow you to put your extra yearly mortgage payment directly toward your loan’s principal. If this is the case, you’ll be able to pay off the principal faster which means potential savings of thousands of dollars in interest payments over the years. Pro tip: The money you’ve freed up from interest payments can go toward saving for retirement.

","

Con 1: There May Be a Set-up Fee

","

Some financial institutions will charge you a set-up fee to participate in a biweekly mortgage payment plan. Additionally, there may be an associated fee for each transaction (mortgage payment). Some banks do offer this service for free, but it’s best to check with the financial institution currently servicing your mortgage.

","

Con 2: Requires You to Pay More Over the Course of the Year

","

Making biweekly payments amounts to making one extra monthly payment a year. That is money you may need for something else. So if your budget is already tight, you may not be able to afford the additional drain on your finances.

","

Con 3: It’s a Permanent Agreement

","

When you enter a biweekly mortgage payment program, you are making an agreement to make biweekly payments. You cannot switch back and forth month to month. So if you’d rather not make a binding agreement to pay extra, you shouldn’t commit to this type of payment plan.

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Con 4: Your Payment Isn’t Applied as You Pay

","

Even though the payment is withdrawn from your bank account twice a month, it isn’t applied to your mortgage that way. Your mortgage servicer holds the payment and applies it once a full monthly payment is received. The biweekly payment just forces an extra payment at the end of each year. If you’d rather save and contribute that extra payment yourself, you don’t have to change to a biweekly plan. You’ll just have to check your mortgage agreements to ensure you won’t be penalized for paying the loan off early.

","

Bottom Line

","

If you want a “set it and forget it” method for paying off your mortgage a little bit early, then a biweekly mortgage program could be a good fit. Keep in mind that nothing is stopping you from making an extra payment on your own each year if you so choose. Sending money to your mortgage lender twice a month is a matter of automation versus setting aside savings separately to pay off your mortgage early.

","

Tips on Mortgages

","$28","

Photo credit: ©iStock.com/Peopleimages, ©iStock.com/Geber86, ©iStock.com/Geber86

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Update: As of January 1, 2018, recharacterization of Roth IRAs is no longer possible due to the passage of the Tax Cuts and Jobs Act of 2017. Once you convert a traditional IRA to a Roth, you no longer have the option of changing back to a traditional. The below article describes how the process […]

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Update: As of January 1, 2018, recharacterization of Roth IRAs is no longer possible due to the passage of the Tax Cuts and Jobs Act of 2017. Once you convert a traditional IRA to a Roth, you no longer have the option of changing back to a traditional. The below article describes how the process worked before this change.

","

—

","

Many people choose to convert their traditional IRAs into Roth IRAs. This means paying taxes now in exchange for enjoying tax-free growth and withdrawals down the road. If you regretted that decision, you could undo it through a process known as recharacterization. However, this is no longer allowed under current tax law.

","

Check out our retirement calculator.

","

What Is Recharacterization?

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Generally speaking, recharacterization was a process which allowed an investor to change how certain assets are treated and applied. It often involved taking tax efficiency into consideration.

","

Recharacterization was most commonly used for individual retirement accounts (IRAs). Say you were to convert your traditional IRA funds to a Roth IRA but then decided that the move wasn’t quite in your best interest. That’s where recharacterization came in, allowing you to undo that conversion.

","

Why Choose Recharacterization?

","

","

There are a number of reasons why you may have wanted to undo your IRA rollover or recharacterize an IRA contribution.

","

One reason to recharacterize was to change the tax treatment of your assets. When you converted to a Roth IRA, you might have done so expecting your taxes to be higher once you reached retirement. But perhaps your situation changed, and you’re realizing that your tax bracket will be lower come retirement. In this case, it might have made sense to recharacterize your Roth IRA back to a traditional.

","

Another reason for recharacterization was to claim a tax deduction for your traditional IRA contribution amount. In that case, you would have recharacterized a contribution from a Roth IRA contribution to a traditional IRA contribution. This would have allowed you to take a deduction for your contribution. That would come in handy if you needed a refund or were facing a steep tax bill.

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How to Recharacterize

","

Recharacterization wasn’t as easy as moving your assets around yourself. You had to contact the financial institution that housed the IRAs involved in the recharacterization. You needed to provide information like the date of the original contribution and the amount you wanted recharacterized.

","

Your IRA custodian then moved your assets from one IRA to the other. Some institutions were able to simply change the IRA classification, without having to move your assets. It was important to contact your issuer as soon as you decided to make the reversal. This is because there was a deadline by which you had to make your recharacterizations. That deadline was generally six months after you filed your tax return in April. If you filed on tax day, you had to have recharacterized by October 15 of the year after you made the IRA contribution or rollover.

","

There was also a waiting period to reconvert money to a Roth IRA after a recharacterization. You had to wait either 30 days after the recharacterization or the year after the conversion or rollover, whichever came later.

","

Recharacterization of Gains and Losses

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With any investment, you should expect gains and losses. With IRA recharacterizations, the IRS provided a formula to calculate your net income after these gains or losses.

","

First, subtract your adjusted opening balance from your adjusted closing balance. The adjusted opening balance is the fair market value of the IRA at the beginning plus any contributions or transfers. The adjusted closing balance is the fair market value of your IRA at the end plus any distributions, transfers or recharacterizations. Take that number and divide it by the adjusted opening balance. That amount multiplied by your contribution or conversion amount being recharacterized would have equaled your net gain or loss.

","

Now that recharacterization is no longer possible, some investors may be stuck paying too much in taxes if their investments lose value. For example, let’s say you convert $50,000 from your traditional IRA into a Roth IRA at the end of this year. You invest the $50,000 in an ETF that mirrors a large index, but by September of next year, that index is down 25%. You’ll have paid taxes on $50,000, but you’ll only have $37,500 to show for it.

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Moving Forward

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There are a number of reasons why you might have wanted to recharacterize a Roth conversion or an IRA contribution. However, the Tax Cuts and Jobs Act banned the practice as of Jan. 1, 2018. Now that the option is off the table, it’s more important than ever to carefully think through a conversion from a traditional IRA to a Roth. Before you do so, consider speaking with a financial advisor to make sure that you’re making the best decision for your finances and your future.

","

If don’t already work with a financial advisor, SmartAsset’s free advisor matching tool can help you find one today. First you’ll answer a series of questions about your financial situation and goals. Then the program will match you with up to three advisors in your area who meet your needs. Finally, you can review their credentials and speak with them over the phone or in person to determine which one you’d like to work with.

","

Photo credit: ©iStock.com/CatLane, ©iStock.com/skynesher, ©iStock.com/PeopleImages

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Veterans and service members who want access to VA benefits must provide certain documentation. For example, members of the National Guard who want to qualify for the VA home loan program must submit a Certificate of Eligibility and NGB Form 22. Not sure why you need NGB Form 22? Read on to find out the purpose of the form and the information you’ll find on it. You can also work with a financial advisor who has knowledge of VA benefits to help you work through your full financial picture.

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The Purpose of NGB Form 22

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In order to be eligible for a VA loan, members of the National Guard need to prove that they’ve served for at least six years. Active service members may qualify for a loan if they’ve served for at least 90 days in a row during wartime or 181 consecutive days during peacetime.

","

NGB Form 22 is the National Guard Report of Separation and Record of Service. It’s one of the forms that members of the Guard can submit as proof of service and evidence that they’ve served long enough to qualify for a VA loan for their home.

","

Members of the National Guard are not required to complete NGB Form 22. But they will need to sign it when they’re discharged. If you’ve lost your form (or you never received one), you’ll need to contact the National Guard Adjutant’s Office for your particular state.

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What’s on NGB Form 22?

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NGB Form 22 is a one-page document with more than two dozen boxes. Let’s look at the information you’ll find in each box.

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Boxes 1-11

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The first few boxes on NGB Form 22 will include personal information. You’ll find your name, your department (or branch) and your Social Security number. You should also see information about your date of enlistment, rank, pay grade, date of rank, station and date of birth. If you were transferred at any point during your service, that information will appear in Box 9.

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Box 10 will include details about your record of service, including your net service and any active federal service. Your last day of service will appear in Box 11.

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Boxes 12-15

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If you completed any military education, you’ll find that information in Box 12. Box 13 will include your primary specialty number along with any additional specialty numbers and titles. The 14th box will include the highest education level you completed. Box 15 should list any honors you received during your time in service, including decorations, medals and badges.

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Boxes 16-18

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If you’re covered by the Serviceman’s Group Life Insurance, Box 16 will indicate that. Box 17 will include information about any personnel security investigations. Box 18 will include additional remarks and information.

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Boxes 19-22

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You’ll find your mailing address (after leaving the National Guard) in Box 19. Your signature goes in Box 20. An officer should have signed the form in Box 22 and included his or her name, grade and title in Box 21.

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Boxes 23-27

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The final sections of NGB Form 22 will note the reason for your discharge from the National Guard. They will also note your character of service and whether you’re eligible for reenlistment.

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The Bottom Line

","

","

If you want to buy a house with a VA loan, you’ll need to ensure that you can show your lender that you’ve served in the National Guard for the required amount of time. In order to do that, you’ll need to provide NGB Form 22. If there are any mistakes on the form, you’ll need to contact your state’s National Guard office. While you can request a copy of NGB Form 22, it may take time for it to arrive. That’s why it’s best to keep track of the original form you receive when you’re discharged.

","

Tips for Loans

","$4c","

Photo credit: ©iStock.com/michaeljung, ©iStock.com/kali9, ©iStock.com/Wavebreakmedia

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The home buying process can seem exciting and daunting at the same time. There are many hoops that you’ll have to jump through and many homes that you’ll have to consider. If you’re trying to save money, purchasing a mobile home might make sense. But if you’re planning to use a VA loan, you’ll need to make sure the house you want is eligible for the program. Here’s the lowdown on how veterans can use VA loans for mobile homes.

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What Is a Mobile or Manufactured Home?

","

The terms manufactured home and mobile home are often used interchangeably. But they’re technically two different things. According to the Department of Housing and Urban Development (HUD), mobile homes are structures that were built prior to June 15, 1976. Manufactured homes, on the other hand, are structures built after that date. Unlike mobile homes, manufactured homes must meet certain HUD standards regarding the way they can be constructed.

","

Under the VA loan program, however, mobile and manufactured homes are considered one and the same. For VA loan purposes, a mobile (or manufactured) home is any house that’s built in a factory on a permanent frame called a chassis. A modular home, on the other hand, is built in sections in a factory. Then, it’s transported to a designated site where it’s put together and placed on a foundation.

","

In order to qualify for a VA loan for a manufactured home, you’ll need to meet certain criteria. These requirements vary from those for traditional single-family homes and modular homes.

","

VA Loan Requirements for Manufactured Homes

","

","

If you want a manufactured home because you like the idea of having a home that’s mobile, you’re out of luck. According to the VA’s Lenders Handbook – VA Pamphlet 26-7 , in order to be eligible for financing through the VA loan program, a mobile home must be:

","

Attached to a permanent foundation
Classified and taxed as real property
Properly affixed to a permanent foundation
Substantially conform with VA minimum property requirements (MPRs)
Must conform with applicable building code and zoning requirements for real estate.

","

These rules ensure that a property is safe to live in and are verified with an appraisal by a VA-certified appraiser before you close on a home.

","

It’s important to note that a mobile home must be classified as real property. In other words, it can’t be considered a vehicle (that’s personal property). If the mobile home you’re purchasing hasn’t been moved to a permanent location, you’ll need to provide your lender with details regarding how it will be installed.

","

If you own a plot of land, you can use a VA loan to buy a mobile home for that lot. You can also use a VA loan to purchase both a mobile home and land at the same time. But the kind of financing that’s available to you can vary depending on your circumstances. Veterans who want VA loans for mobile homes will need to submit to a credit check and meet certain income requirements.

","

VA Loan Terms for Manufactured Homes

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Most VA loans have 30-year repayment terms. But the maximum term for VA loans for manufactured homes is much shorter according to the Catalog of Federal Domestic Assistance (CFDA).

","

The maximum loan term is 20 years and 32 days for single-wide manufactured homes (purchased with or without a plot of land), For double-wides, it’s 23 years and 32 days. If you’re buying a double-wide home and a lot, the maximum loan term is 25 years and 32 days.

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Challenges to Obtaining a VA Loan for a Mobile Home

","

","

Obtaining a VA loan for a mobile home won’t be easy. Historically, homeowners with manufactured homes were more likely to default on their loans, so lenders stopped lending as much money for these purchases. Additionally, most manufactured homes depreciate in value as time goes on, which is the opposite of most homes. Those are two major reasons why many lenders avoid issuing VA loans for manufactured homes.

","

As of the last few years, almost no VA lenders offer home loans for manufactured homes. If you can’t find a willing lender, you may have to opt for a private loan or a loan through the manufacturer. Otherwise, you may be better off buying a regular home if you want a VA mortgage.

","

Even if you can find someone who’s open to giving you a loan, it may only be a short-term construction loan. If that happens, you’ll have to go through the process of refinancing and applying for a VA home loan once your home has been constructed.

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Bottom Line

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Buying a manufactured home might seem like an affordable option, especially when compared to a traditional home. But securing the financing you need through the VA loan program will be difficult. Furthermore, finding a home that meets the requirements listed by the VA and your local government can be challenging. You may have to put off your dreams of living tiny until you can save to buy the home you want on your own.

","

Tips for VA Loans

","$5a","

Photo credit: ©iStock.com/motorider, ©iStock.com/demaerre, ©iStock.com/MivPiv

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If you’re a veteran who wants to take out a loan backed by the Department of Veterans Affairs, you must be able to prove that you qualify for the VA loan program. In order to be eligible for a VA home loan, you must meet certain requirements. You’ll also be expected to present a Certificate […]

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","

The Purpose of VA Form 26-1880

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When veterans complete and send in VA Form 26-1880, qualifying individuals will receive a Certificate of Eligibility (COE). VA lenders need this document as proof that a veteran is eligible for a VA guaranteed home loan.

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Veterans must meet credit and income requirements to qualify for a VA home loan. But lenders need a COE in order to verify that an applicant has actively served in the military for the appropriate amount of time. In order to be eligible for a VA loan, a veteran must have been an active duty service member for at least 90 days during wartime or at least 181 days during peacetime. Discharged members of the National Guard or the Reserves must have served for at least six years.

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How to Complete VA Form 26-1880

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VA Form 26-1880 is one page and takes about 15 minutes to complete. There are 10 boxes that veterans need to fill in. If you need extra space, you can attach a separate sheet to the form.

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Section 1: Veteran’s Identifying Information

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This section allows you to enter your most basic information. That includes your name, as you want it to show on your COE, whether you served under another name, your address, date of birth, phone number, Social Security number, how you left the service and more.

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Section 2: Military Service Information

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Here, you’ll provide much more detail into your service history, including branches you served in and when. It also asks about discharge claims, whether you’re on active duty or have received a Purple Heart.

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Section 3: Information Regarding Previous VA Loans

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Next you need to detail exactly what you plan to do with your COE and whether or not you’ve had a VA loan before and for what. There’s also a section where you can write in specific notes you might have.

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Section 4: Certificate and Signature

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As its section reads, filers only need to sign and date here.

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Submitting VA Form 26-1880

","

","

You can find VA Form 26-1880 online at va.gov. When you’re ready to submit it, you’ll need to either mail it to the appropriate Eligibility Center based on your location or, more easily, submit it online. Don’t forget to attach your proof of service to the form.

","

If you are a “regular” veteran, you’ll need to attach the original version of the Certificate of Release or Discharge from Active Duty (DD Form 214) or a copy of the form. But if you are currently an active duty service member, you will need to attach a statement of service. The statement of service must show the duration of your active duty period and any time lost.

","

If you are a former member of the National Guard, you will need to provide NGB Form 22 (the Report of Separation and Record of Service) or NGB Form 23 (Retirement Points Accounting). Discharged members of the Reserves can submit evidence of honorable service and their most recent annual point statement. Both types of veterans must prove that they served for at least six years.

","

If you are a current member of the Selected Reserves, you will need to submit a statement of service that shows how long you’ve been part of the unit.

","

Bottom Line

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VA Form 26-1880 isn’t a long or complicated form. But if you want to receive your Certificate of Eligibility, you’ll need to fill it out completely and provide all of the required documentation. Without a COE, you won’t be able to buy a house using a VA loan.

","

Tips for Buying a Home with a VA Loan

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Not all lenders offer VA loans. That’s something you want to research ahead of time, especially if you have a particular lender in mind. Most of the bigger banks and established online lenders will, but many of the startup mortgage lenders only offer conventional home loans.
This may surprise you, but some sellers will stipulate that homebuyers cannot buy their homes with VA loan. It’s not illegal and it does happen, especially when the seller is looking to rapidly offload a property. Most real estate agents will filter those homes out of their search, but keep that in mind if your browsing on your own.
VA loans offer terrific benefits, such as no down payment and favorable terms, but the paperwork can take longer to process than a regular mortgage. Keep that in mind if you have a short closing window in mind, such as moving in before your kids start school.

","

Photo credit: ©iStock.com/PeopleImages, ©iStock.com/Steve Debenport, ©iStock.com/ajr_images

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Finding the house of your dreams can take some time. And if you’re a veteran who’s looking to buy a home, you may not find anything that meets your needs. If that happens, your next best option is to buy a plot of land and build your own house from the ground up. Wondering whether you can use a VA loan to purchase a piece of land? Read on to find out more about VA land loans.

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A financial advisor can help you create a financial plan to buy land or a home.

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Can I Use a VA Loan to Buy Land?

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You can use a VA loan to purchase land, but you must meet certain requirements. For example, you cannot use a VA loan to buy land if you have no plans to improve the land within the near future (and build a primary residence that you, the veteran, will occupy). And you can’t use a VA home loan to buy an investment property. There are also restrictions regarding VA loans and the construction of a combined residential and business property.

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VA Land Loan Requirements

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While you can use a VA loan to buy land, you’ll have to do so in conjunction with a construction loan. If you’re purchasing land and you already own a mobile or manufactured home, you must follow additional rules. For example, the home must be permanently affixed to a foundation.

","

If you want to buy land and build a combined residential and business property, the property must be primarily used for residential purposes. No more than one business unit may be on the property. Additionally, the nonresidential area cannot consume more than a quarter of the total area.

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Regardless of the kind of home you’re planning to build, the land you want to buy with your VA loan must be stable. This means that it shouldn’t sit on a fault line or in a floodplain. It’s best to also steer clear of airport noise zones.

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Veterans trying to purchase land for a custom home need a detailed plan, too. In other words, they’ll need to have their builder draw up a blueprint of what their home is expected to look like.

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How VA Land Loans Work

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Veterans are expected to fill out an application for a land purchase loan and a construction loan simultaneously. If they’re approved for financing, they’ll have a construction/permanent loan that’s backed by the Department of Veterans Affairs. Veterans who already own land may be able to refinance the loan used to buy it. Then, they can build a home on the land using a loan guaranteed by the VA.

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Once the VA land loan is closed, the proceeds go into escrow and the builder is paid throughout the course of the construction project. According to the Veterans Benefits Administration, veterans don’t need to begin paying back their construction/permanent home loan until after the home is constructed. During the construction period, the builder must cover the cost of interest payments and fees (including title update fees and inspection fees).

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The amount of time that it takes to complete construction counts toward the loan repayment term. For example, let’s say it takes eight months to complete construction and the repayment term for the loan is 30 years. Even though the veteran does not have to make payments during the eight months of construction, they will still need to have the entire loan paid off within 29 years and four months.

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Alternatives to VA Land Loans

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Tracking down a lender who’s open to issuing a VA loan for new construction can be tricky. That’s why some veterans turn to homebuilders when they need help financing the construction of a new home. Others try to apply for land loans through banks.

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As with other kinds of loans, veterans looking for land loans should be prepared to make a down payment. They will also have to pay for other expenses, including closing costs.

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Bottom Line

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You can use a VA Loan to purchase land. But you have to do so with a plan to place or build a home on the land. Unfortunately, finding a lender who’s willing to offer a VA loan for new construction may be challenging. Lenders often avoid loans for brand new homes to avoid taking on too much risk.

","

If you need a VA land loan, you may need to shop around to find one with the best terms. If you already have a VA loan and you’re thinking about building a new property, you can always contact your existing lender and ask for advice.

","

Tips for Homebuying

","$75","

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Tax-loss harvesting is a way to use investment losses to lower your taxes on any capital gains you have in a year. If you’ve only invested in your future by contributing to a retirement account, tax-loss harvesting won’t likely help you. However, if you have some taxable investment accounts, tax-loss harvesting may lower your tax liability and potentially save you money. A financial advisor can help you with any tax-loss harvesting questions you have and help you maximize your tax savings through proper planning.

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Tax-Loss Harvesting Defined

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Tax-loss harvesting is a method of using your investment losses to lower your taxes on capital gains. Basically, it shows the IRS that while you made money from some investments, you lost money from others. Therefore, you don’t owe as much in taxes.

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The process of tax-loss investing involves selling assets at a loss and buying similar investments. It allows you to take advantage of your losses for tax purposes and maintain your desired asset allocation.

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Wondering why you have to sell an investment in order to realize a loss? Consider what it’s like to buy a new car. Its value depreciates as soon as you leave the lot, but you won’t realize the loss or see it impact your wallet until you try to sell the car. Similarly, you may know that your assets are underperforming, but you can’t claim your losses until you have your investments.

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How Tax-Loss Harvesting Works

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","

Tax-loss harvesting can significantly lower the size of your income tax bill. Once you’ve sold some of your securities and realized the losses on those investments, you can subtract those losses from your capital gains. If you have any leftover losses, you can use them to offset taxes on wages and other income by up to $3,000 and carry additional losses forward to use on future tax returns.

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Keep in mind that investments held for more than 365 days are taxed at a long-term capital gains rate. But investments held for less than a year are taxed at your normal income tax rate.

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Let’s look at an example of how tax-loss harvesting works. Let’s say you have the following assets and you fall into the 25% tax bracket (meaning your long-term capital gains are taxed at a rate of 15%).

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Investment A: $50,000 unrealized loss, held for 400 days
Investment B: $75,000 realized gain, held for 375 days
Investment C: $25,000 unrealized loss, held for 200 days
Investment D: $60,000 realized gain, held for 300 days

","

By implementing tax-loss harvesting, you’d owe $12,500 in capital gains tax.

","

(($75,000 – $50,000) x 15%) + (($60,000 – $25,000) x 25%) = $12,500

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Without tax-loss harvesting, you would have to pay $26,250 in capital gains tax.

","

($75,000 x 15%) + ($60,000 x 25%) = $26,250

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In our example, tax-loss harvesting results in a tax bill of almost half of what you would otherwise pay in taxes. Using a capital gains tax calculator can help you calculate your own tax liability and determine how much money you’d save through tax-loss harvesting.

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Considerations for Tax-Loss Harvesting

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While tax-loss harvesting might be a great opportunity for you to lower your tax bill in the short term, it might not be the best fit for you. Here are a few important details to keep in mind as you consider tax-loss harvesting for your own planning.

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The Process Lowers the Cost Basis: While tax-loss harvesting can lower your tax bill this year, it also automatically lowers the cost basis of the investment you target. This means that you could be paying a higher tax bill in the future as a lower cost basis typically means higher tax bills down the road. This might be important if you anticipate more capital gains to come in the next few years.
Tax-Loss Harvesting Postpones Tax Obligation: This strategy only works for investment accounts that are taxable and it doesn’t eliminate that obligation. The tax on the investment is postponed, similar to a traditional IRA account. It is a strategy for those looking to save on their current tax obligation in order to reinvest for portfolio growth.

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When to Implement Tax-Loss Harvesting

","

","

Tax-loss harvesting is a great tool for anyone with capital gains and losses. But long-term investors stand to save the most money by using this strategy. The longer you hold onto your investments, the more your savings will compound. Additionally, if you hold onto your investments for more than a year, they are automatically taxed at a lower rate. Minimizing your tax liability can boost your net worth over time.

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Investors often harvest their investment losses near the end of the year. But you could sell off your investments at any time. Waiting until the end of the year to consider tax-loss harvesting could be helpful if you want to use your losses to offset the gains that have accumulated throughout the year. But selling your losses earlier in the year could give you the chance to repurchase some of your investments later on (possibly for a cheaper price) when everyone else is selling their securities.

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Don’t Forget the Wash Sale Rule

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Tax-loss harvesting is a strategy that you can use to lessen your tax bite. By using your losses to lower your taxes on capital gains and income, you can save money. Just remember to take the wash sale rule into account.

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The wash sale rule prohibits you from deducting losses when you sell and then buy substantially identical securities within 30 days before and after the sale. One way to avoid that rule is to invest in exchange-traded funds (ETFs). As long as you’re not switching from one ETF to another that tracks an identical index, the wash sale rule won’t apply.

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The Bottom Line

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Tax-loss harvesting is a method to use investment losses to lower the capital gains taxes you might have to pay. Anyone who has gains and losses can use this method, but it is especially useful for long-term investors. This is part of the long-term investment tax planning that you may want to consider doing if you have a decent account size in your portfolio.

","

Tips for Managing Your Money

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