Put those losses to work to lower your 2022 taxes. You can sell the losers so that the realized loss is free to offset any capital gains you have and up to $3K of ordinary income to the extent you have completely offset your capital gains each year. CAUTION – be sure to avoid the Wash Sale Rules when implementing this strategy. You cannot buy/sell the same or “similar” securities within 30 days of another buy/sell and deduct any resulting losses. For example, if you sell GE (General Electric) shares on 12/15/22 at a loss, you cannot repurchase GE shares before 1/15/23. If you did, then any resulting losses from the 12/15/22 sale would be disallowed.
Accounting and Consulting