ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 181: All-Time High Stock Market: Ways to Reduce Your Capital Gains Taxes

Paying tax is a good thing because it means you’ve made money. But when it’s unplanned or unaccounted for (or worse – already spent!) that’s when major problems can arise. With the stock market roaring since October 2023, depending on what you’re invested in, your assets have likely bloated. In the event you need to sell out of these positions for any reason – car, house, change investments – there is a very good chance you will be incurring capital gains tax.

On today’s episode, we’ll go over four specific ways to help offset, or even eliminate completely, probably the most shocking tax liability source: capital gains.

Topics Discussed:   

  • The changes going on in the stock market and what we can learn from them.
  • The importance of being able to offset liabilities that come with investments.
  • How capital gains taxes are calculated.
  • Why timing is important and ways that you can plan for capital gains.
  • What your options are when you have a loss.
  • One of the best ways to offset (or avoid) capital gains tax.
  • How donations and deferrals affect capital gains.

Resources Mentioned:

Tags

capitalgains tax, taxes, offsetting liabilities, assets, investing, investment taxes, capital gains rate, ER doc finances, financial planning, financial planner, emergency medicine, ER docs, emergency doctors

by 
Scott Wisniewski, EA