Money Talk: Harvesting your losses

Financial Advisor with Yuma Investment Group Tom Rush says being in the red may not be so bad

YUMA, Ariz. (KYMA, KECY) - It's no secret that our current times can be somewhat trying. That's why News 11 has teamed up with the financial experts at the Yuma Investment Group.

Our financial experts will provide insight into the current state of the market and how you can benefit, both long-term and presently.

In this installment Financial Advisor and founder of the Yuma Investment Group Tom Rush discusses losses and how investors can benefit before the end of the year. Investors can harvest their losses from their non-retirement portfolio.

By harvesting their losses they can sell stock at a loss and use that loss to offset either growth from the sale of property or used to offset the investor's income taxes. Up to $3,000 of losses can be harvested in a single year.

Rush reminds investors not to forget about the 31-Day Rule which prohibits investors from buying the same stock that they just sold prior to the 31-Day wait period.

Watch News 11's Money Talk on Mondays at 5 p.m. (PST)/6 p.m. (MST).