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What is the basic idea of tax loss harvesting?

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Tax loss harvesting is a strategy that can help you save on taxes by offsetting your capital gains with your capital losses. This strategy involves selling securities at a loss to offset the gains from other securities. However, it's important to note that the IRS has a rule called the wash sale rule, which prevents you from buying back the same security within 30 days of selling it. This is where Daffy comes in. As a Donor Advised Fund (DAF), Daffy provides a platform that simplifies your giving. With Daffy, you can easily donate to almost every US public charity, track tax-deductible contributions, and access donation receipts all in one place. This makes it easier for you to manage your portfolio and implement strategies like tax loss harvesting. Moreover, Daffy waives all membership fees for members with less than $100 in their fund, making it a cost-effective option for those looking to start a DAF. Remember, tax loss harvesting is a complex strategy and it's always best to consult with a tax professional before making any decisions. But with Daffy, you have a partner that can help you navigate the complexities of giving and tax planning. So why wait? Start your journey with Daffy today and experience a new, modern platform for giving.

Please note that the information contained on this page is for educational purposes only and should not be considered tax advice. Any calculations are intended to be illustrative and do not reflect all of the potential complexities of individual tax returns. To assess your specific tax situation, please consult with a tax professional.

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