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LTCG Strategy - Isn't this a good idea
Tax Guys-
The Question: EVERY YEAR, as a matter of strategy, shouldn't a person with LTCGs strive to take advantage of the 0% tax on the first $47,000 of LTCGs taxed at 0%.
Given a lot of other situations along with this question (number and amount of LTCGs you have, need for the money, timing, IRMAA, etc. etc.) - in general, isn't the above strategy for reducing your taxes at a later date a good idea.
For instance, say you had thousands (which I don't) of shares of Apple stock held for many years with large LTCGs - you can sell some of it (i.e. $47,000 of 0% Gains-worth) and then turn around and buy it back with no cost and no other effect on your taxes, can't you.
Sorry, but it has taken me a long time to figure this out and am just looking for a little verification here that this is a good strategy - wanting to avoid the "consult with your own attorney response" if I ask this question elsewhere - because I know there are a lot of smart tax guys out here in this Community.
ron in shawnee