Loss harvesting for newly married couple
As the year approaching to an end, we are thinking of harvesting some of our loss from this turbulent market. Just got married and let’s say we each has a brokerage account without the other’s name on it. Let’s say when we file tax next year does our loss add up as well as gain (just like one person even though we have separate account)? Or it will be calculate separately as we receive separate 1099?
You will of course receive separate 1099s. Your gains and losses can combine if you file jointly. This is very common. No need to put each other on all your accounts. Congratulations
^ This is the answer. Name on accounts doesn’t matter as long as it’s yours / your spouse’s. Also everything is done on a year end basis. If you are married at the end of the year, the whole year counts as that status. Same as having a kid, best time to have a kid is December 31st because you get tax treatment for the whole year but expenses only for the last day.
Do it soon. My coworker just mentioned the same thing recently...