Here's a nugget from the 1 percenters...

[Anonymous No.15002390]

"Tax loss harvesting is the practice of selling a security that has experienced a loss. By realizing, or "harvesting" a loss, investors are able to offset taxes on both gains and income. The sold security is replaced by a similar one, maintaining an optimal asset allocation and expected returns."

DYOR and I think there's a wash rule where you can't buy back the same or similar asset for at least 30 or 45 days or something. After that you're good though, you essentially gain the loss record and "kept" the asset at the same time.