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tax-loss-harvesting

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Tax-Loss Harvesting

Tax-Loss Harvesting（税务损失收割）

Workflow

工作流程

Step 1: Identify Candidates

步骤1：识别候选标的

Scan taxable accounts for positions with unrealized losses:
SecurityAsset ClassCost BasisCurrent ValueUnrealized LossHolding Period% Loss
ST / LT
Prioritize by:
  1. Largest absolute loss (biggest tax benefit)
  2. Short-term losses first (offset short-term gains taxed at ordinary income rates)
  3. Positions with the largest % loss (less likely to recover quickly)
扫描应税账户，找出存在未实现损失的持仓：
证券资产类别成本基准当前价值未实现损失持有期限损失占比
短期/长期
优先排序依据：
  1. 绝对损失金额最大（税务收益最高）
  2. 先处理短期损失（抵消按普通收入税率征税的短期收益）
  3. 损失占比最大的持仓（恢复可能性较低）

Step 2: Gain/Loss Budget

步骤2：收益/损失预算

Calculate the client's tax situation:
CategoryAmount
Realized short-term gains YTD
Realized long-term gains YTD
Realized losses YTD
Net gain/(loss) position
Carryforward losses from prior years
Target harvesting amount
Tax savings estimate:
  • Short-term losses × marginal ordinary income rate
  • Long-term losses × capital gains rate
  • Up to $3,000 net loss deduction against ordinary income
  • Excess carries forward
计算客户的税务状况：
类别金额
年初至今已实现短期收益
年初至今已实现长期收益
年初至今已实现损失
净收益/(损失)情况
往年结转损失
目标收割金额
税务节省估算：
  • 短期损失 × 边际普通收入税率
  • 长期损失 × 资本利得税率
  • 最高可抵扣3000美元净损失以抵消普通收入
  • 超额损失可结转至后续年度

Step 3: Replacement Securities

步骤3：替代证券

For each harvest candidate, suggest a replacement that:
  • Maintains similar market exposure (same asset class, sector, geography)
  • Is NOT "substantially identical" (wash sale rule)
  • Has similar risk/return characteristics
SellReplace WithReasonTracking Error Risk
SPDR S&P 500 (SPY)iShares Core S&P 500 (IVV)Same index, different fund familyMinimal
Vanguard Total Intl (VXUS)iShares MSCI ACWI ex-US (ACWX)Similar exposure, different indexLow
Individual stock ABCSector ETF (XLK)Broader exposure, no wash sale riskModerate
针对每个收割候选标的，建议满足以下条件的替代证券：
  • 保持相似的市场敞口（相同资产类别、行业、地域）
  • 不属于“实质相同”范畴（符合洗售规则）
  • 具有相似的风险/收益特征
卖出标的替代标的理由跟踪误差风险
SPDR S&P 500 (SPY)iShares Core S&P 500 (IVV)跟踪同一指数，不同基金家族极低
Vanguard Total Intl (VXUS)iShares MSCI ACWI ex-US (ACWX)敞口相似，跟踪不同指数低
个股ABC行业ETF（XLK）敞口更广，无洗售风险中等

Step 4: Wash Sale Check

步骤4：洗售检查

Before executing, verify no wash sales:
  • Check ALL accounts in the household (taxable, IRA, Roth, spouse accounts)
  • 30-day lookback: Did we buy substantially identical securities in the last 30 days?
  • 30-day forward: Block repurchase of the same security for 30 days
  • Check for dividend reinvestment plans (DRIPs) that could trigger wash sales
  • Document the wash sale window for each trade
Security SoldWash Sale Window StartWindow EndDRIP Active?Risk
执行交易前，验证不存在洗售情况：
  • 检查家庭所有账户（应税账户、IRA、Roth、配偶账户）
  • 30天回溯期：过去30天是否买入过实质相同的证券？
  • 30天展望期：禁止在30天内回购同一证券
  • 检查股息再投资计划（DRIPs）是否可能触发洗售
  • 记录每笔交易的洗售期
卖出证券洗售期开始日期洗售期结束日期DRIP是否激活？风险

Step 5: Execution Plan

步骤5：执行计划

Trade #AccountActionSecuritySharesEst. ProceedsEst. LossReplacementNotes
Sell
Buy
Summary:
  • Total estimated losses harvested: $
  • Estimated tax savings: $ (at marginal rate of %)
  • Net portfolio impact: minimal (replacement securities maintain exposure)
  • Wash sale window management: [dates]
交易编号账户操作证券股数预估收益预估损失替代标的备注
卖出
买入
摘要：
  • 预计总收割损失：$
  • 预计税务节省：$（边际税率为%）
  • 投资组合净影响：极小（替代证券维持原有敞口）
  • 洗售期管理：[日期]

Step 6: Post-Harvest Tracking

步骤6：收割后跟踪

After 30+ days, optionally:
  • Swap back to original securities (if preferred)
  • Maintain replacement securities (if no reason to switch back)
  • Update cost basis records
  • Document for tax reporting
30天以上后，可选择：
  • 换回原证券（如有偏好）
  • 保留替代证券（如无换回理由）
  • 更新成本基准记录
  • 为税务申报留存记录

Step 7: Output

步骤7：输出成果

  • Harvest opportunity list (Excel)
  • Trade execution sheet
  • Wash sale tracking calendar
  • Tax savings estimate summary
  • Replacement security rationale
  • 收割机会清单（Excel格式）
  • 交易执行表
  • 洗售跟踪日历
  • 税务节省估算摘要
  • 替代证券选择理由

Important Notes

重要提示

  • Wash sale rules are strict — violations disallow the loss AND adjust cost basis
  • Substantially identical means same security, not same asset class — ETFs tracking different indexes are generally fine
  • Always coordinate across all household accounts including retirement accounts
  • Consider the long-term cost basis step-down — harvesting resets cost basis, which means more gains later
  • Year-end is prime harvesting season but opportunities exist throughout the year
  • Mutual fund capital gains distributions in December can create additional harvesting urgency
  • Document everything for tax reporting and compliance
  • Not all losses are worth harvesting — transaction costs and tracking error have real costs
  • 洗售规则十分严格——违规将导致损失无法抵扣，且需调整成本基准
  • “实质相同”指同一证券，而非同一资产类别——跟踪不同指数的ETF通常不属于此范畴
  • 需统筹协调家庭所有账户，包括退休账户
  • 考虑长期成本基准下调——收割会重置成本基准，意味着未来将产生更多收益
  • 年末是收割的黄金时期，但全年都可能存在机会
  • 12月共同基金的资本利得分配可能增加收割紧迫性
  • 所有操作需留存记录，用于税务申报与合规
  • 并非所有损失都值得收割——交易成本与跟踪误差会产生实际成本