If your Managed Portfolios account is invested in the same securities as those you hold in external accounts, trades in your external accounts can cause wash sales and wipe out harvested losses.
To help avoid wash sales, consider excluding securities that you hold in outside accounts. Managed Portfolios offers Selective Trading which lets you remove securities from your Managed Portfolios portfolio. If you remove a security using Selective Trading, the security will be automatically sold in your Managed Portfolios portfolio, and no further trades will be processed for that security. Please note that trades that result from removing or activating securities may have tax consequences.
Lastly, WiseHarvesting analyzes all of your investment accounts on Axos Invest Managed Portfolios, including IRAs. If you have an outside taxable account, IRA, 401(k), or 403(b) account, you can do a free transfer or rollover to Managed Portfolios.
- Dashboard: Check out Tax Protection and its WiseHarvesting feature
- FAQ: Does WiseHarvesting work with my retirement milestone or IRA(s)?
- FAQ: Can I rollover a Qualified Retirement Plan to Managed Portfolios? (401(k), 403(b), profit sharing, etc)
Axos Invest, Inc., and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.