@stech wrote:
I am in similar situation for 2023. What can I do now?
Again, within the realm of capital transactions, if you have investments that have lost value and you are willing to sell them, selling at a loss will offset the capital gains from the things you sell at a profit. Be mindful that if you sell an investment to create a loss, but you want to buy it back at the lower price so you can hold it and see if it appreciates again, you must wait at least 31 days from selling an investment before you re-buy the same or a similar investment. If you don't wait 31 days, you trigger the wash sale rule and you can't use the loss to offset your gain.
Otherwise, if you want to reduce your tax, you can take advantage of any of the usual tax breaks. Electric car credit, energy saving credit. Deductions for medical expenses and charitable donations. And so on.
If you specifically want investment tricks to "hide" your gains, you would need to see a professional financial advisor, but I think most of the tricks are smoke and mirrors.
