Welcome to the Stay Wealthy podcast. I'm your host Taylor Schulte, and today I'm continuing with our year-end tax planning content by talking about tax gain harvesting.

While tax loss harvesting typically gets all the attention, realizing gains and deliberately paying taxes now

can oftentimes be more valuable. And once again, this strategy is not just for the ultra rich.

In fact, those people that are in the highest tax brackets probably shouldn't pursue this tax

planning opportunity. So if you want to learn how to harvest gains

and reduce your future tax bill in retirement, today's episode is for you. For all the links

and resources mentioned, head over to you staywealthy.com forward slash 90.

For many investors, the benefit of tax loss harvesting is overestimated.

As harvesting a loss generates current tax savings, it also reduces the cost basis of the investment,

triggering a potential gain in the future that may offset most or even all of the loss harvesting benefit. That's a quote pulled from a great article written by Michael

Kitsis on the true benefits of tax loss harvesting, which I'll link to in the show notes.

But as mentioned at the top of the show, tax loss harvesting seems to get all the

attention. For the last 14 years or so of my career, I can probably count on one hand how many

times I've heard someone talk about tax gain harvesting, which can often be much more impactful.

So I want to do my part today to make sure that everyone

is aware of this little known strategy, especially those that are in their gap years, which I

previously shared is the sweet spot for your tax planning in retirement. As a reminder, your

gap years are the years from the date you retire until age 72, which is when required

minimum distributions or RMDs kick in.

These are the years which your income is likely at its lowest point, allowing you to do some

pretty awesome tax planning that can save you hundreds of thousands of dollars over your lifetime,

and in some cases, millions of dollars depending on your situation. And these are the people

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