How to get a tax benefit out of the Coronavirus market crash

The video tutorial explains tax loss harvesting, a strategy to offset capital gains by realizing losses on underperforming investments. It details the tax benefits, such as offsetting gains from various sources and carrying over unused losses. The process involves selling losing investments and reinvesting in different securities to maintain asset allocation. Common mistakes include using tax-advantaged accounts, falling into the wash sale trap, and disrupting investment strategies. Robo-advisors can automate this process, but consulting a financial advisor is recommended.

What is tax loss harvesting and how can it benefit investors?

How can investors carry over unused losses to future years?

What are the steps involved in realizing a capital loss?

What are the common mistakes to avoid when engaging in tax loss harvesting?

Why is it important to consult a financial advisor regarding tax loss harvesting?