How the president's budget proposal may affect tax planning strategies

04/27/2013 | Nerd's Eye View blog

A new budget proposal for 2014 would require financial advisers and their clients to report the cost basis for covered securities using the average cost method once the stock was held long enough to qualify for long-term capital gains. Financial commentator Michael Kitces warns that implementation of this rule would eliminate the use of the specific share identification method as a tax strategy to harvest losses or gains.

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