Just toss those capital losses to your spouse, she`ll love you for it
You`ve got to love the last quarter of the year. Well, I do anyway. You see, my birthday is in mid-November. And, my wife Carolyn`s birthday also falls in the last quarter of the year. On top of that, there`s still time in the year to get creative about tax planning. So, this year I decided to combine Carolyn`s birthday with some creative tax planning.
How so? For her birthday, I gave her the capital losses on one of the worst-performing stocks in my portfolio. That`s right, I actually transferred the capital loss from me to her. The end result? We`re going to save thousands in tax (I`ll get to the details in a minute).
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