输入
current income 用来算今天 tax shield rate；future income 用来算未来 payback tax rate。假设 harvested loss 当年全部冲掉 LTCG。金额框支持 250k、1.2m、450000。
TLH loan value
Tax shield today
Current Fed + CA rate
Payback rate range
Assumed LTCG offset
loss can all be used this year
Future tax bill
| Payback | Rate | PV range | PV / loss | FV range |
|---|
核心公式
PV value = tax shield today - future tax bill / (1 + same-maturity Treasury rate)^years
Future value = tax shield today × (1 + same-maturity Treasury rate)^years - future tax bill
拆分
| baseline tax before TLH | |
| tax after TLH | |
| federal savings | |
| California savings | |
| future-income federal payback tax | |
| future-income California payback tax | |
| future-income Fed + CA payback rate | |
| assumed LTCG before TLH | |
| loss used against capital gain | |
| ordinary deduction from excess loss | |
| unused carryforward |
当前模型故意假设 capital loss 全部在当年抵掉 capital gain，不模拟 carryforward。