請問 reading 29 中 Practice problem Q20 and Q21中，只要tax savings 不在當年拿來抵稅就沒有效果了? 因為tax savings 可以加回去本金再投資產生更多的回報，那這樣不是最後付出去的稅會更多? 但是解答說總共付出的稅是一樣的。 Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further. 在這段解答當中”Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.” the after-tax principal investment 增加，不也代表 the pre- tax principal investment也是增加，那總共付出的tax應該也是增加?

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岳同学2020-05-21 15:54:53

請問 reading 29 中 Practice problem Q20 and Q21中，只要tax savings 不在當年拿來抵稅就沒有效果了? 因為tax savings 可以加回去本金再投資產生更多的回報，那這樣不是最後付出去的稅會更多? 但是解答說總共付出的稅是一樣的。 Assuming DiCenzo does not reinvest the tax savings, tax loss harvesting does not reduce the total tax paid over time. It only defers taxes because recognizing the loss resets the cost basis to a lower figure which will ultimately increase the gain realized late by the same amount. Tax loss harvest can augment return by postponing tax liabilities. Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further. 在這段解答當中”Reinvesting the current year’s tax savings increases the after-tax principal investment, which can augment the value of tax loss harvesting further.” the after-tax principal investment 增加，不也代表 the pre- tax principal investment也是增加，那總共付出的tax應該也是增加?

SS12 Private Wealth Management (1)

回答（1）

Chris Lan2020-05-22 00:16:35

同学你好
Q20
同学你好
这个人有一个资产现在值50000，当时的cost base是75000，也就是说这个人当时花75000买了一个资产，但这个资产现在只值50000，所以他的capital loss是75000-50000=25000。其中资本损失是可以抵税的。相当于可以抵25000的资本利得，而如果有25000的资本利得需要按30%交税，所以他需要交的税是25000*30%=7500。因此如果你有25000的资本利得，你要交7500的税，同理如果你有25000的资本损失，你就可以抵7500的税。

Q21
这个人如果卖了这个损失的证券，将获得realized loss，可以用来抵税。这题假设他又买了一个收益为负的证券，这个时候他在下一年卖掉这个证券，还是没有获利，因此他可以节税的金额就是0，因为他没赚钱，没法抵税。

The practice of realizing a loss to offset a gain or income—and thereby reducing the current year’s tax obligation—is called tax loss harvesting.
以上是tax loss harveting的定义。
tax loss harvesting本质上是确认realized loss，从而递减realized gain，达成少交税的目的。这里他假设没有再投资，也就是没有把realized loss卖掉资产的钱再去投资，所以也就不会导致更多的税。
但反过来如果了把这些钱再投资出去，那确实增加了税后的可投资资本，因为我把现金变成了新的资产，如果新的资产又损失了，我又能获得tax loss harvesting。