International Tax Co-Leader Mark Chaves discussed the benefits of harvesting tax losses that may result from "Brexit," with CNBC.
By Jessica Dickler
There’s a potential silver lining after watching a portion of your investment account get wiped away following the U.K. vote to leave the European Union.
“It would make sense to have capital losses packaged with a capital gain from some other asset to get the most bang for your buck,” said Mark Chaves, a tax partner in the international group at the New York‐based accounting firm Marcum LLP.
It’s a good strategy particularly for those who are selling other investments, or even a home, business or rental property this year, where there may be significant capital gains.
“Then, at least you can have some value for some of these losses,” he said. (In the case of a primary residence, capital gains of $500,000 or less for married couples are tax free.)