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Ask Ed: Financial Planning Questions And Answers



Ask Ed: Financial Planning Questions And Answers

Ask Ed: Financial Planning Questions And Answers

Question: Under the proposed Biden tax plan, what will happen to the step-up in cost basis rule that for many years has provided heirs with the advantage of using the date-of-death valuation for inherited assets?

Answer: It will be eliminated.

Question: What is the correct order for using capital losses on investments?

Answer: 

-First, deduct short-term losses against short-term gains

-Second, deduct long-term losses against long-term gains

-Third, net the two totals to determine whether there is a net gain or loss.

Question: What is the maximum amount of capital loss deductible against ordinary income in any one year? 

Answer: $3,000

Have a question? Contact Ed Mahaffy.

A GIFT FOR YOU!

Complimentary Copy Of eBook: How To Select A Financial Advisor
(Includes All Graphic Charts)

 

Ed Mahaffy

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.

Our approach is cost-effective and tax-efficient. As an independent investment advisor, we can offer you a personalized financial strategy, not a generic investment program. Your individual portfolio will be based on your unique situation, your values, your preferences and your goals. It will be designed to account for change, in the markets and in your circumstances.

As your professional partner, we’ll work hard to earn your trust and confidence, and provide the advice and service you deserve. Send me a note regarding any questions you may have about any particular investment concepts or products. We’ll get back to you quickly with a thoughtful answer.

Request A Copy of “How To Select A Financial Advisor” at

https://www.clientfirstwm.com/download-my-book

You can reach me directly at ed@clientfirstwm.com or call 501.603.0406

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