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  • Feedback wanted! Tax-Loss Harvesting

    Chris
    0 replies
    Hey there! This is our first post here @ Product Hunt - excited to be here. Tax-loss harvesting is a tax strategy that allows you to reduce your tax liability by realizing losses in your stock portfolios and using these to offset capital gains, up to $3,000 of ordinary income, and then saving any remaining losses for future tax years. This, however, requires keeping track of gains and losses during and across years, staying compliant with IRS wash sale rules, and keeping portfolio exposure and allocations constant when selling losers. This deters many individuals from claiming what are thousands or more in tax savings, especially among those who cannot afford access to professional tax advisors and may not know of this strategy. We want to build software to streamline and automate this process. The software would allow individuals to: 1) Visualize gains/losses from their existing brokerages, plan trades and calculate potential current and future year tax savings, 2) View suggestions for specific trades while providing guardrails to ensure compliance with IRS rules such as wash sale, and 3) Automate or set reminders to swap back into the original security. We would aim to monetize this by charging a recurring subscription fee. We have put up a preliminary website as we validate the idea - https://www.readyforapril.com/ What do you think? Thanks in advance for your feedback! A, A and C
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