I am planning my tax situation for 2025 and have the following question:
I have Long term gains of about $103,000 in Stocks and about $60,000 in short term gains. In order to reduce my taxes to be paid in 2025, I plan to tax harvest my losses upto $75,000, so net at the end of 2024 will be
$103,000 LT gains and $15,000 ST losses. With this strategy, will I pay Long term tax for $88,000 in 2025?
Next year if I make ST gains of $45,000, would I pay ST gains on 45,000 or would I be able to recapture any of the 15,000 LT capital gains that were adjusted to the ST losses? I am assuming the answer is no, but wanted to confirm.
Thanks,
