4-step Approach
First, identify a list of nonqualified accounts to review individually.
Second, look at all the holdings across all the identified accounts, and identify what are the unrealized gains and losses.
Third, once positions have been identified as harvesting candidates, confirm no purchases of the security have been made in any accounts in the past 30 days, including retirement accounts.
Last, decide if you would like to keep the proceeds in cash or invest them in a replacement security. A replacement security is recommended so you can stay in the market instead of timing the market.
There is one thing needs attention - wash sales, we will discuss in next blogpost.