2138: Specific Identification of Shares by The Mad Fientist

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 18 December 2022

⏱️ 9 minutes

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Summary

The Mad Fientist on specific identification of shares. Episode 2138: Specific Identification of Shares by The Mad Fientist The Mad Fientist analyzes the tax code and looks at personal finance through the lens of early financial independence to develop strategies and tactics to help you retire even earlier. Most personal finance advice is geared towards people retiring in their 60s or later and doesn’t apply to those of us pursuing early financial independence. The Mad Fientist is focused on providing advice and innovative tax-avoidance methods specifically for people wanting to break away from full-time employment very early in life. He also hosts the Financial Independence Podcast. The original post is located here: https://www.madfientist.com/specific-share-identification/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 2138, specific identification of shares by the
0:07.4	madfinetist of madfinetist.com, and I'm your host and personal finance enthusiast, Diana
0:13.9	Mariam.
0:14.9	Now, let's get to today's post as we optimize your life.
0:23.8	A few months ago, I wrote a couple of articles about harvesting investment gains or losses
0:35.2	for tax purposes.
0:37.2	In the tax loss harvesting post, I described how it can be beneficial to sell investments
0:42.4	for a loss in order to use that loss to reduce your taxable income.
0:47.3	Conversely in the tax gain harvesting article, I showed that in some situations, it may
0:52.5	be a good idea to sell your investments for a gain to increase your cost basis.
0:58.0	What I didn't tell you is how to structure your taxable portfolio so that you can easily
1:02.9	sell the investments that have depreciated in some years and those that have appreciated
1:07.6	in others.
1:08.6	Today, I'll do that.
1:11.3	Cost Basis
1:13.3	When you buy an investment, the price you bought the investment for is the cost basis.
1:18.0	Note, the cost basis can be adjusted for stock splits, dividends, etc.
1:23.2	The cost basis is important because it's used to calculate how much taxes owed when an
1:27.8	investment is sold.
1:30.6	Accounting Methods
1:32.4	When you sell an investment, there are various accounting methods that can be used to determine
1:36.5	the cost basis.
	...

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