Did you know that your retirement years are often accompanied by large capital gains tax bills? Do you know if you have the proper strategies in place to help reduce the damage that capital gains taxes can have on your portfolio? If you’re not sure you’re doing all you can to save big on your capital gains tax bill, then this episode is for you.

In this eye-opening episode of The Year You Retire podcast, hosts John Bever and Jim Uren delve into the intricacies of capital gains taxes and the strategies you can use to help to minimize their impact. They discuss the definition of capital gains, the difference between long and short term gains, how capital gains are taxed, and the steps you can take to help reduce your annual tax bill. John and Jim’s actionable insights and friendly demeanor will give you a deeper understanding of how to manage taxes in retirement and allow you to make better informed financial decisions along the way.

In this episode, you will be able to:

• Uncover the workings of capital gains in the U.S. tax system and how to determine the potential size of your tax bill.
• Discover smart strategies to help minimize capital gains tax and keep more of your investment profits.
• Understand how the type of investment account and the type of investment asset can change the amount of your tax bill.
• Learn about the benefits of tax loss harvesting and how it can optimize your retirement portfolio.
• Discover how charitable giving may be able to eliminate the capital gains tax on certain assets.
• Understand income tax brackets and how to leverage them to help minimize your retirement tax liabilities.

The key moments in this episode are:

00:00:42 – Introduction to Capital Gains Taxes

00:02:29 - History of Income Tax in the US

00:08:17 – Realized vs. Unrealized Gains and Losses

00:11:54 - Long Term Capital Gains Tax Rates

00:15:19 - Understanding MAGI (Modified Adjusted Gross Income)

00:17:02 - Strategies to Avoid Capital Gains Tax

00:21:18 - Special Rules for Different Assets

00:25:08 - Key Strategies for Reducing Long-Term Capital Gain Taxes

00:29:43 – Episode Conclusion and Hosts’ Gratitudes

00:31:16 – Disclosure and Disclaimer Information

Disclosure:

The views expressed in this podcast are not necessarily the opinions of Phase 3 Advisory Services or Osaic Wealth, Inc. and should not be construed directly or indirectly as an offer to buy or sell any securities or services mentioned herein. Unless otherwise specified, show guests are not securities licensed or affiliated with Phase 3 Advisory Services or Osaic Wealth. 

Investing is subject to risks, including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice. 

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Additional investment. and insurance advisory services offered through Phase 3 Advisory Services Limited, a Registered Investment Advisor.

Osaic Wealth is separately owned and other entities and or marketing names, products or services referenced here are independent of Osaic Wealth. Phase 3 Advisory Services is located at 1110 West Lake Cook Road, Suite 265 in Buffalo Grove, Illinois 60089. Our phone number is 847-520-5545. For additional information, visit our website at phase3advisory.com.