In “Taking the Sting Out of Investment Losses,” you made an error in step one. When perusing your portfolio, it says to “look for a cost basis less than today’s market price.” Instead, you want a cost basis that is greater than today’s market price. Otherwise you would be locking in a gain and increasing your tax liability.
Editor’s note: We wrote to financial advisor and author Russ Wild, who verified your reply. “Liz from Jacksonville is absolutely right. It should indeed have read: ‘Look for a cost basis greater than today’s market price.’ Good catch, Liz.”