Turning Stock Losers Into Tax Winners

It takes a lot of devotion to be on the losing team -- especially when you know the team has potential. Take Cubs fans. They have held on for years just waiting for that team to make it to the World Series. Unfortunately, they're still waiting.

It's one thing to leave the stadium disappointed. But it's a much bigger deal when you start watching your retirement money dwindle away because your favorite stock holdings are in the toilet.

And while you may not want to abandon ship just yet, you could really use some losses on your tax return to offset any gains you many have generated throughout the year. Thankfully, there are some tax-advantageous tactics you can try before year's end that will allow you to stay devoted to your holdings and help your tax situation at the same time.

Dump the Losers

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