{"id":13981,"date":"2021-04-22T09:06:34","date_gmt":"2021-04-22T16:06:34","guid":{"rendered":"https:\/\/www.wealthfront.com/blog\/?p=13981"},"modified":"2022-01-11T17:12:15","modified_gmt":"2022-01-12T01:12:15","slug":"tax-loss-harvesting-101","status":"publish","type":"post","link":"https:\/\/www.wealthfront.com/blog\/tax-loss-harvesting-101\/","title":{"rendered":"Tax-Loss Harvesting 101"},"content":{"rendered":"\n

We believe investors should focus on the things they can control \u2013 cost, risk, and taxes. At Wealthfront, we help you with all three: we charge one low advisory fee, offer diversified portfolios with automatic rebalancing, and work to lower your tax bill with a suite of tax minimization features. Tax-Loss Harvesting is by far the most valuable of those tax-minimization features, and it\u2019s the most compelling reason to choose a robo-advisor.<\/strong> However, it\u2019s also one of the least understood. <\/p>\n\n\n\n

Tax-loss harvesting isn\u2019t a fad \u2013 very high-end financial advisors have offered it to wealthy investors for decades, and that\u2019s unlikely to change anytime soon. But you don\u2019t have to be wealthy to use Wealthfront\u2019s Tax-Loss Harvesting service, which is available to all of our investing clients at no additional cost. For the average Wealthfront client, the service covers our annual 0.25% advisory fee many times over<\/a>.  <\/p>\n\n\n\n

Because tax-loss harvesting is so valuable, we think it\u2019s important to help our clients understand the basics. Here\u2019s a jargon-free primer on how it works.<\/p>\n\n\n\n

What\u2019s in a name<\/h2>\n\n\n\n

Admittedly, you wouldn\u2019t know from the name that tax-loss harvesting is worth getting excited about. \u201cTax\u201d probably makes you think of paying taxes, \u201closs\u201d makes you think of losing money, and \u201charvesting\u201d just seems like a lot of work. We promise, it\u2019s much better than it sounds.<\/p>\n\n\n\n

Tax-loss harvesting means taking advantage of market volatility (those are the \u201closses\u201d) to lower your tax bill. When an investment declines in value, you can sell it, harvest the loss, and replace the original investment with a similar one so as to maintain the risk and return characteristics of your portfolio. Harvesting losses can be extremely labor-intensive when human advisors do it manually, so they\u2019re highly unlikely to look for opportunities to do it daily. But it\u2019s a task perfectly suited to software, which can take advantage of volatility on a daily basis to automatically save you money on your taxes. <\/p>\n\n\n\n

Tax-loss harvesting with ETFs<\/strong><\/h2>\n\n\n\n

Let\u2019s look at a simplified example of tax-loss harvesting in action \u2013 first, with ETFs. We\u2019ll imagine you have a portfolio with a share of SPY<\/a> in it (an ETF that tracks the performance of the S&P 500 index). If you bought that share for $350 and one day, the price fell to $349, you could sell your share of SPY, harvest the $1 loss, and purchase a new ETF to replace it. <\/p>\n\n\n\n

This new ETF needs to meet several criteria. First, it needs to be different enough<\/em> that the transaction isn\u2019t considered a \u201cwash sale\u201d (more on that later). This means it needs to track a different index than your original ETF does. Second, it\u2019s important that this ETF is similar enough<\/em> that your portfolio still maintains the same risk and return characteristics. This means it should be highly correlated with the original ETF so your portfolio\u2019s level of risk doesn\u2019t get out of whack.<\/p>\n\n\n\n

In this example, let\u2019s say you decide to replace your share of SPY with VONE<\/a>, an ETF that tracks the performance of the Russell 1000 index. This index\u2019s performance is highly correlated with the performance of the S&P 500, but it\u2019s different enough that the transaction shouldn\u2019t be considered a wash sale. If you bought VONE to replace the SPY you sold, you\u2019d still have a nicely diversified portfolio with roughly the same level of risk. And, of course, you would have harvested a $1 loss.<\/p>\n\n\n\n

Lower your tax bill<\/h2>\n\n\n\n

Harvesting a $1 loss isn\u2019t that meaningful in itself, but repeating this process for all of the investments in your portfolio many times over the course of the next year can make a big difference. Let\u2019s imagine by the end of the year you\u2019ve harvested $4,000 of losses and realized $500 of capital gains. Come tax time, you could apply those harvested losses to offset those capital gains completely, meaning you\u2019d owe no taxes on those $500 of investment gains. <\/p>\n\n\n\n

Of course, you\u2019d still have $3,500 of losses left over. Each year, you\u2019re allowed to use harvested losses to offset up to $3,000 of ordinary income<\/a> \u2013 so you could apply $3,000 of your remaining losses against the money you made at your job, for example. If you would have otherwise paid a marginal federal tax rate of 24%, the amount you\u2019d save would be $3,000 x 0.24, or $720. The higher your tax rate, the greater the value of the harvested losses.<\/p>\n\n\n\n

After that, you\u2019d still have $500 of losses left over. The good news is that you can carry those losses into next year, or as long as it takes for you to use them.<\/p>\n\n\n\n

Even if you never plan on selling any of your investments, tax-loss harvesting can be incredibly valuable. You might, for example, plan to sell your house one day and realize capital gains in the process. You can use your harvested losses to offset those gains and lower your tax bill. <\/p>\n\n\n\n

We\u2019ve studied the results of our Tax-Loss Harvesting and found that 96% of our clients save enough on their taxes to completely offset their Wealthfront 0.25% annual advisory fee. But Tax-Loss Harvesting doesn\u2019t just cover most clients\u2019 advisory fee \u2013 on average, clients receive a tax benefit from Tax-Loss Harvesting worth as much as 13x that fee<\/a>, meaning the service more than pays for itself.<\/p>\n\n\n\n

Tax-loss harvesting within an index<\/h2>\n\n\n\n

Tax-loss harvesting with ETFs is great already, but conducting tax-loss harvesting using the stocks within<\/em> an index gives you even more opportunities to harvest losses. Wealthfront is the only robo-advisor that offers both to everyday investors. <\/p>\n\n\n\n

Let\u2019s look at a simplified example of how tax-loss harvesting works within an index. Imagine you have a well-diversified portfolio that includes a share of Coca-Cola, which you bought for $50. One day, the value of Coca-Cola drops to $49 a share.<\/p>\n\n\n\n

To harvest this loss, you would sell that share of Coca-Cola for $49 and \u201charvest\u201d the $1 decline in Coca-Cola\u2019s value. You could then buy a share of PepsiCo, which is correlated and similar. Your portfolio would still be nicely diversified and it would have roughly the same level of risk. Again, you\u2019d end up with a $1 loss to use against your taxable income. Except now, if you\u2019re harvesting losses within an index, you should be able to harvest far more losses. Individual stocks are generally much more volatile than index funds, and on a day when an index is up, individual stocks may still be down. As a result, you can boost your tax savings even further.<\/p>\n\n\n\n

A word on wash sales<\/h2>\n\n\n\n

The wash sale rule is an important consideration when you\u2019re using tax-loss harvesting, and unfortunately, many people get it wrong<\/a>. A wash sale happens if you sell an investment at a loss and then repurchase it (or, in the case of ETFs, one that tracks the same index) within 30 days. <\/p>\n\n\n\n

Wash sales aren\u2019t illegal. But if you make a wash sale, you can\u2019t use that loss to lower your taxes that year \u2013 you have to wait until the following year.<\/p>\n\n\n\n

It\u2019s also important to know that the wash sale rule applies to all<\/em> of your investment accounts and, if you\u2019re married, your spouse\u2019s as well. This includes taxable accounts and tax-advantaged accounts across all investment services you use. If you sell SPY at a loss in your taxable account at Wealthfront and then your spouse buys it a few days later in their IRA at Fidelity, that\u2019s a wash sale. <\/p>\n\n\n\n

An easy way to avoid problems with wash sales is to keep all of your investments with one provider \u2013 particularly if that provider will avoid wash sales across account types (as Wealthfront does), not just within an account. Some people mistakenly believe they are achieving diversification by opening investment accounts using similar ETFs with different robo-advisors, but they\u2019re actually just negating the most important benefit a robo-advisor can provide by ending up with a bunch of wash sales. This is one of the worst mistakes you can make if you want to use a robo-advisor.<\/strong><\/p>\n\n\n\n

Not just tax deferral<\/h2>\n\n\n\n

Naysayers (or traditional advisors who can\u2019t compete with a robo-advisor\u2019s tax-loss harvesting) might tell you that tax-loss harvesting isn\u2019t valuable because it\u2019s just pushing your taxes down the road. But this argument ignores the time value of money<\/a> and the difference between short- and long-term capital gains tax rates. <\/p>\n\n\n\n

The time value of money means that paying taxes today is more expensive than paying taxes in the future because of the effect of compounding. Money you save on taxes today can be invested and, as a result, should be worth more in the future.<\/p>\n\n\n\n

You can also benefit from the difference between short-term capital gains rates and long-term capital gains rates, which means tax-loss harvesting is a form of tax-rate arbitrage. As of early 2021, long-term capital gains are taxed at a maximum federal rate of 20%, while ordinary income and short-term gains are taxed at a maximum federal rate of 37%. Our service primarily harvests short-term losses, which can be used to offset short-term capital gains and ordinary income. When our software sells one of your investments and harvests a loss, you are lowering your cost basis<\/a> \u2013 which increases your gains when you sell your portfolio down the road. But as long as you hold the investment for at least a year, those gains will be taxed at the much lower capital gains rate.<\/p>\n\n\n\n

Keep more of what you earn<\/h2>\n\n\n\n

As we\u2019ve written before, most robo-advisors<\/a> and investing services using Modern Portfolio Theory to determine asset allocation will generate pretty similar pre-tax returns. But at Wealthfront, we\u2019re focused on using software to maximize our clients\u2019 after-tax returns<\/em> \u2013 and that sets us apart. Review sites might have you believe that software is a commodity, and any robo-advisor with tax-loss harvesting will offer you the same result. This simply isn\u2019t true. Not all software is created equal, and Wealthfront is the only robo-advisor to publish the results of its Tax-Loss Harvesting service, which should tell you something about how it might compare to our competitors\u2019.\u00a0<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

We believe investors should focus on the things they can control \u2013 cost, risk, and taxes. At Wealthfront, we help you with all three: we charge one low advisory fee, offer diversified portfolios with automatic rebalancing, and work to lower your tax bill with a suite of tax minimization features. Tax-Loss Harvesting is by far […]<\/p>\n","protected":false},"author":129,"featured_media":13984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1282],"tags":[1359],"coauthors":[82],"class_list":["post-13981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-tax-loss-harvesting"],"acf":[],"yoast_head":"\nTax-Loss Harvesting 101 | Wealthfront<\/title>\n<meta name=\"description\" content=\"Because tax-loss harvesting is so valuable, we think it\u2019s important to help our clients understand the basics. 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