Get Ahead on Tax Savings: Key Dates for Tax-loss Selling in 2024!

Mark These Tax Loss Selling Dates on Your Calendar – Updated 2024:

**January 19, 2024** – Kicks off the official Tax Loss Selling season

**December 28, 2024** – Last trading day of 2024

**January 8, 2025** – First trading day of 2025

**January 23, 2025** – Effective settlement date of Tax Loss selling in 2024

**February 2, 2025** – The deadline for Tax Loss selling in 2024

**February 3, 2025** – Officially out of the Tax Loss selling period

**December 28, 2024** – Last trading day of 2024

Now that we have experienced a full year from the date range of January 19, 2024, to December 28, 2024, we are officially out of the 2024 Tax Loss Selling period. Therefore, taxes at the federal level can be harvested as an offset against future capital gains beyond this point in time. If we are looking to reduce this year’s tax bill, we need to plan our Tax Loss selling in advance to take full advantage of the tax benefits. This provides a strategic opportunity to lower tax liabilities and boost overall investment returns.

Remember that for Tax Loss selling to be effective in reducing taxes, certain criteria must be met such as the assets being sold for a loss must have been held for more than a year (long-term capital assets), and the sold assets were purchased in a different transaction from similar assets that were still held in the portfolio.

Make sure to mark your calendar with these key dates related to Tax Loss selling to stay on top of your tax planning strategy and benefit from potential tax savings. By actively participating in Tax Loss selling during the designated periods, investors can optimize their portfolios, minimize tax liabilities, and enhance overall financial performance.