Following some of our recent podcast topics, David answers a few questions from listeners wanting to get more information. Then, David shares his thoughts on untrustworthy advisors and what to do to avoid them.
Did you hear one of the past few podcasts and think, “tell me more”? David answers some questions from listeners like you on today’s show.
Jen was talking to her boyfriend about the wash sale rule after hearing the podcast about using investments to manage taxes. Is the IRS requirement 30 trading days or 30 calendar days? David says you have 30 calendar days. You’ve sold a security, but if you want to take the loss for tax purposes, you have to make sure you don’t buy that security back within 30 days.
John listened to last week’s podcast regarding the capital loss carryforward but wondered when he can offset the gains with losses and when to just write off losses against other income. What’s the rule? How does this impact a future inheritance? John’s elderly father has a capital loss carryforward. Is this something he could eventually inherit?
Knowing the rules can be super helpful, because some of them actually work in your favor. Working with someone who works with these rules all the time can help guide you through making the best decisions and being strategic with your investments.
Finally, what does David think of advisors who take advantage of their clients? You occasionally hear stories of people losing their life savings to untrustworthy advisors. Watch out for red flags, such as being told to write personal checks to the advisor directly instead of a third-party custodian like TD Ameritrade, Schwab, or Fidelity. Another red flag is if they promise you higher than usual returns. Talk with a trusted friend or check the financial advisor’s experience and history online.
Listen to the entire episode or skip ahead using the timestamps below.
If you ever want your question spotlighted on the show or to ask David something about your retirement, email him at [email protected]
0:41 - David loves listener questions.
1:13 - Mailbag: What is the IRS requirement about the wash sale rule?
4:36 - Mailbag: When can I offset gains with losses?
14:03 - What does David think of advisors that take advantage of clients?
"Knowing the rules can be super helpful, because some of them actually work in your favor. "
– David Dickens
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CONTACT US
OUR LOCATION
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Building 27, Suite 190
Overland Park, KS 66210
Get Directions
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