In this episode of the Taylored Tax Show, Terrence Taylor and Big Al discuss taxes and trading, particularly focusing on stock trading. They reflect on a recent market downturn and its tax implications. Learn how to navigate taxes when trading stocks to legally save on taxes. Tune in to gain insights on managing taxes as a highly paid individual in the stock market.
"The beauty of understanding and mastering the tax code, because as long as the money you have is classified as debt, you don't pay tax on it."
Highlights:
[00:02:30] Tax loss harvesting strategy.
[00:04:23] Tax loss harvesting strategies.
[00:11:31] Mark-to-market election nuances.
[00:15:34] Tax strategies during a crash.
[00:18:10] Tax loss harvesting strategy.
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