Fidelity Site: View total losses (not sum of losses and gains)?

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Cranberry44
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Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

Hi All,

I'm considering doing my first attempt at Tax Loss Harvesting.

I hold some VXUS (Vanguard Total International ETF) in my taxable Fidelity account that holds some losses. On the Fidelity website, the "Total Gain/Loss" column only displays the aggregate of losses and gains combined. Is there a way to view only the sum of losses?

Thanks!
increment
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by increment »

Cranberry44 wrote: Fri Dec 03, 2021 9:46 am I hold some VXUS (Vanguard Total International ETF) in my taxable Fidelity account that holds some losses. On the Fidelity website, the "Total Gain/Loss" column only displays the aggregate of losses and gains combined. Is there a way to view only the sum of losses?
If you click on the symbol (e.g. "VXUS") , you should get "Purchase History," which gives the current gain/loss for each lot.
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Cranberry44
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

increment wrote: Fri Dec 03, 2021 9:52 am
Cranberry44 wrote: Fri Dec 03, 2021 9:46 am I hold some VXUS (Vanguard Total International ETF) in my taxable Fidelity account that holds some losses. On the Fidelity website, the "Total Gain/Loss" column only displays the aggregate of losses and gains combined. Is there a way to view only the sum of losses?
If you click on the symbol (e.g. "VXUS") , you should get "Purchase History," which gives the current gain/loss for each lot.
Thanks, increment. Do you know if there is a way to see to TOTAL losses? I have many pages of tax lots, so I'm hoping to view the total loss for all tax lots that have a loss (i.e. not including the few lots that have a gain).

I've tried copying and pasting the info that displays when I click on the ticker (so I can paste it into a spreadsheet), but my chrome browser doesn't seem to let me drag-select-click on that info.
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goingup
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by goingup »

At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
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Cranberry44
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

goingup wrote: Fri Dec 03, 2021 10:18 am At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
Ah! That makes sense! I’ll test it out later today and report back. Thanks!
roamingzebra
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by roamingzebra »

You can also look at the tabs at the top of the Positions page, select the "More" tab, then select "TaxInfo". That will show you total gains, losses, dividends, etc. for the year.

The "More" tab may be hidden. If so, keep scrolling thru the tabs to the right to expose it.

I'm describing this by memory so I may be off a little but "More" and "TaxInfo", once you find them, is the place to go.
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Cranberry44
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

roamingzebra wrote: Fri Dec 03, 2021 11:20 am You can also look at the tabs at the top of the Positions page, select the "More" tab, then select "TaxInfo". That will show you total gains, losses, dividends, etc. for the year.

The "More" tab may be hidden. If so, keep scrolling thru the tabs to the right to expose it.

I'm describing this by memory so I may be off a little but "More" and "TaxInfo", once you find them, is the place to go.
Thanks! Very helpful as I didn't know about that page. However, it seems to only show realized tax losses/gains. I'm looking for unrealized gains.
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Cranberry44
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

goingup wrote: Fri Dec 03, 2021 10:18 am At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
This works! Far more "clicks" than I was hoping, but I'll take it!

It appears I have about $750 in VXUS losses. ... Time for my first TLH attempt!

Thanks for your help, everyone!
pshonore
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by pshonore »

Cranberry44 wrote: Fri Dec 03, 2021 2:19 pm
goingup wrote: Fri Dec 03, 2021 10:18 am At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
This works! Far more "clicks" than I was hoping, but I'll take it!

It appears I have about $750 in VXUS losses. ... Time for my first TLH attempt!

Thanks for your help, everyone!
Be careful! VXUS will likely paying a dividend prior to year end. If you TLH and you're reinvesting dividends, that could create a "wash sale" which might cause some of that loss to be deferred until you sell the so called "replacement shares". Its not a terrible problem but some people like to avoid it. You may want to consider turning off dividend reinvestment for VXUS if you are reinvesting.
UpperNwGuy
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by UpperNwGuy »

Cranberry44 wrote: Fri Dec 03, 2021 2:19 pm
goingup wrote: Fri Dec 03, 2021 10:18 am At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
This works! Far more "clicks" than I was hoping, but I'll take it!

It appears I have about $750 in VXUS losses. ... Time for my first TLH attempt!

Thanks for your help, everyone!
Are you sure you want to go through all the trouble of tax loss harvesting for a $750 loss. In the 24% tax bracket you'll see less than $200 of tax savings.
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Cranberry44
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

pshonore wrote: Fri Dec 03, 2021 3:17 pm
Cranberry44 wrote: Fri Dec 03, 2021 2:19 pm
goingup wrote: Fri Dec 03, 2021 10:18 am At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
This works! Far more "clicks" than I was hoping, but I'll take it!

It appears I have about $750 in VXUS losses. ... Time for my first TLH attempt!

Thanks for your help, everyone!
Be careful! VXUS will likely paying a dividend prior to year end. If you TLH and you're reinvesting dividends, that could create a "wash sale" which might cause some of that loss to be deferred until you sell the so called "replacement shares". Its not a terrible problem but some people like to avoid it. You may want to consider turning off dividend reinvestment for VXUS if you are reinvesting.
Thanks, pshonore! I don't have dividend reinvesting on, so I think I'm good, but that is an important point to keep in mind for the future!
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Cranberry44
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

UpperNwGuy wrote: Fri Dec 03, 2021 4:53 pm
Cranberry44 wrote: Fri Dec 03, 2021 2:19 pm
goingup wrote: Fri Dec 03, 2021 10:18 am At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
This works! Far more "clicks" than I was hoping, but I'll take it!

It appears I have about $750 in VXUS losses. ... Time for my first TLH attempt!

Thanks for your help, everyone!
Are you sure you want to go through all the trouble of tax loss harvesting for a $750 loss. In the 24% tax bracket you'll see less than $200 of tax savings.

Good point, UpperNwGuy.

Would you mind sharing how you arrived at the $200 in tax savings number? I'd love to be able to run that calculation myself in the future. I, unfortunately, was under the impression that 100% of my loss would be able to be deducted... so I'm glad you commented. But now that I think about it for a grand total of 2 seconds, I realize that makes absolutely no sense :oops: :shock:

I've never tax loss harvested before, so I figured now is as good a time as any to try it out, especially with a relatively "small" amount of money to screw up with. I didn't sell today, but thanks to you I already learned my first lesson. :beer
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anon_investor
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by anon_investor »

Cranberry44 wrote: Fri Dec 03, 2021 5:49 pm
UpperNwGuy wrote: Fri Dec 03, 2021 4:53 pm
Cranberry44 wrote: Fri Dec 03, 2021 2:19 pm
goingup wrote: Fri Dec 03, 2021 10:18 am At Vanguard you can add all the individual losses of a fund by selecting the "sell" function and clicking on each tax lot. This adds them together. Then just cancel out of the transaction. It's likely the same at Fidelity.
This works! Far more "clicks" than I was hoping, but I'll take it!

It appears I have about $750 in VXUS losses. ... Time for my first TLH attempt!

Thanks for your help, everyone!
Are you sure you want to go through all the trouble of tax loss harvesting for a $750 loss. In the 24% tax bracket you'll see less than $200 of tax savings.

Good point, UpperNwGuy.

Would you mind sharing how you arrived at the $200 in tax savings number? I'd love to be able to run that calculation myself in the future. I, unfortunately, was under the impression that 100% of my loss would be able to be deducted... so I'm glad you commented. But now that I think about it for a grand total of 2 seconds, I realize that makes absolutely no sense :oops: :shock:

I've never tax loss harvested before, so I figured now is as good a time as any to try it out, especially with a relatively "small" amount of money to screw up with. I didn't sell today, but thanks to you I already learned my first lesson. :beer
The loss will first offset any capital gains, if the loss is larger than that, then it can offset up to $3k of ordinary income. So in the 24% tax bracket, you save up to $180 in Fed income taxes on a $750 loss (excludes any NII tax savings). You might save more on state taxes. You may also save less on Fed taxes if you have any cap gains.
UpperNwGuy
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by UpperNwGuy »

$750 x .24 = $180.

And in the 22% tax bracket, you would save $165. Multiply the capital loss by your tax bracket. The capital loss is not an offset to taxes owed. It's a reduction to your income. As our resident expert livesoft would say, read the tax instruction booklet and work out the numbers on a Form 1040.
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Cranberry44
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Re: Fidelity Site: View total losses (not sum of losses and gains)?

Post by Cranberry44 »

anon_investor wrote: Fri Dec 03, 2021 6:21 pm The loss will first offset any capital gains, if the loss is larger than that, then it can offset up to $3k of ordinary income. So in the 24% tax bracket, you save up to $180 in Fed income taxes on a $750 loss (excludes any NII tax savings). You might save more on state taxes. You may also save less on Fed taxes if you have any cap gains.
UpperNwGuy wrote: Fri Dec 03, 2021 6:25 pm $750 x .24 = $180.

And in the 22% tax bracket, you would save $165. Multiply the capital loss by your tax bracket. The capital loss is not an offset to taxes owed. It's a reduction to your income. As our resident expert livesoft would say, read the tax instruction booklet and work out the numbers on a Form 1040.
Thanks so much to you both! This cleared up a lot of misunderstandings and questions of mine. Thanks for taking the time to help and reading a thread that ended up being about something totally different than the original post. :happy
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