By TROY SEGAL

Reviewed by MICHAEL J BOYLE

Fact checked by DAVID RUBIN

编写人：TROY SEGAL

审核人：MICHAEL J BOYLE

事实核查人：DAVID RUBIN

Gains and losses are the inevitable outcomes of investing. Every investor seeks gains. But when things don't go as hoped, there's a good chance an investment portfolio will experience losses.

收益和损失是投资的必然结果，但是，没有投资者不以盈利为目的。若事情并未按预期发展，投资组合很有可能产生损失。

A gain occurs when the current price of an asset rises above what an investor pays. A loss, in contrast, means the price has dropped since the investment was made. Put simply, a gain is an increase in the value of an asset, while a loss refers to the loss of value.

资产的现行价格高于投资者支付的价格，即产生收益。相反，资产的现行价格低于投资者支付的价格，即产生损失。简单来说，收益表示资产价值增加，损失表示资产价值减少。

Both gains and losses can be divided into realized and unrealized. Investors realize a gain or a loss when they sell an asset unless the realized price matches exactly what they paid. Unrealized gains and losses reflect changes in the value of an investment before it is sold. This article examines the differences between realized and unrealized gains and losses as well as their respective tax consequences.

收益和损失均可分为已实现收益和损失以及未实现收益和损失。投资者出售资产，即可实现收益和损失，除非售出价格与支付价格恰好一样。未实现收益和损失反映的是投资出售前的价值变化。本文探讨的是已实现收益和损失与未实现收益和损失之间的差异，以及各自的税务影响。

KEY TAKEAWAYS

关键要点

·An unrealized gain is an increase in the value of an asset or investment that an investor has not sold, such as an open stock position.

未实现收益是指投资者未出售的资产或投资（比如，未平仓头寸）价值增加。

·An unrealized loss is a decrease in the value of an ongoing investment.

未实现损失是指持续投资价值减少。

·A gain or loss on an investment is realized when it is sold.

出售投资即可实现收益或损失。

·Capital gains are taxed and capital losses may be deducted only after they're realized from the sale of an asset.

资本利得需纳税，资本损失仅在资产出售后扣除。

·Unrealized gains and losses remain subject to change, but they can help you minimize the taxes you owe.

未实现收益和损失随时可能发生变化，但可帮助您最大限度地减少所欠税款。

Dealing With Unrealized Gains

未实现收益的处置

The value of a financial asset traded in financial markets can change any time those markets are open for trading, even if an investor does nothing.

即使投资者什么也不做，在金融市场上交易的金融资产的价值也会随着开市发生变化。

For example, if you bought stock in Acme, Inc, at $30 per share and the most recent quoted price is $42, you're sitting on an unrealized gain of $12 per share. You could realize that gain if you sold Acme at $42 per share. Otherwise, your bottom line would continue to fluctuate with the share price.

比如，您以每股30美元的价格购买了Acme, Inc的股票，而最近报价为42美元，每股未实现收益为12美元。若您以每股42美元的价格出售股票，即可实现上述收益。否则，您的净利润将继续随股价波动。

Fast Fact

信息速查

Unrealized gains and losses are also called paper profits or losses. That's because the gain or loss only exists while the asset is in the investor's possession and on paper, generally on the investor's ledger.

未实现收益和损失也称为账面利润或损失，这是因为收益或损失仅在资产由投资者拥有且以书面形式（通常在投资者的账簿中）记录时存在。

Handling Unrealized Losses

未实现损失的处置

A realized loss is the opposite of a realized gain. It happens when an asset is sold for less than its purchase price. So if you purchase a share of stock at $50 but end up selling it for $35, you have realized a loss of $15.

已实现损失与已实现收益相反，即资产的售出价格低于购买价格。比如，以每股50美元的价格购买股票，最终以每股35美元的价格售出，已实现损失为15美元。

Similarly, an unrealized loss is the opposite of an unrealized gain. It occurs when the price of a current investment declines below its purchase price. The loss remains unrealized until the investment is sold, at which point it becomes realized.

同样，未实现损失与未实现收益相反，即当前投资的价格低于购买价格。投资出售之前，损失仍未实现，投资出售之后，损失得以实现。

Unrealized gains and losses (aka “paper” gains/losses) are the amount you are either up or down on the securities you’ve purchased but not yet sold. Generally, unrealized gains/losses do not affect you until you actually sell the security and thus “realize” the gain/loss. You will then be subject to taxation, assuming the assets were not in a tax-deferred account.

未实现收益和损失（也称为账面收益/损失）是已购买但尚未出售的证券的上涨额或下跌额。一般来说，在实际出售证券实现收益/损失之前，未实现收益/损失不会对您产生影响。假设资产不在延税账户内，您将需要纳税。

If, say, you bought 100 shares of stock “XYZ” for $20 per share and they rose to $40 per share, you’d have an unrealized gain of $2,000. If you were to sell this position, you’d have a realized gain of $2,000, and owe taxes on it.

比如，您按每股20美元的价格购买了XYZ公司100股股票，且每股股价涨至40美元，此时未实现收益为2,000美元。若出售该头寸，即可实现2,000美元的收益，并需缴纳税款。

Assessing Tax Consequences

评估税务影响

There are no immediate tax implications associated with unrealized gains and losses. Until an investment is sold its performance is not reported to the Internal Revenue Service (IRS) and has no bearing on the investor's taxes owed.

未实现收益和损失不会立即产生税务影响。出售投资之前，无需向美国国税局报告相关业绩，与投资者所欠税款无关。

At the same time, calculating your unrealized gains (or losses) in a taxable investment account is essential for figuring out the tax consequences of a sale. Because realized capital losses can offset otherwise taxable capital gains and, to a limited extent, ordinary taxable income, many investors attempt to time asset sales in a way that minimizes their tax bill.

同时，计算应税投资账户中的未实现收益（或损失）对于计算出售的税务影响至关重要。已实现资本损失可以抵销应税资本利得，并在有限的范围内抵销一般应纳税所得额，因此，许多投资者试图规划资产出售的时间，尽可能地减少需要缴纳的税款。

How Capital Gains Are Taxed

如何对资本利得征税

You must report a capital gain or loss on the tax return for the year in which the asset was sold. Capital gains are categorized as short- and long-term. Short-term capital gains refer to realized gains on assets held for a year or less and are taxed as ordinary income. To qualify for the lower tax rates on long-term capital gains, an investment must have been held for more than a year.

您必须在出售资产当年的纳税申报表上报告资本利得或损失。资本利得分为短期资本利得和长期资本利得。短期资本利得是指持有一年以下的资产实现的收益，按一般收入征税。只有持有时间超过一年的投资能够按长期资本利得的较低税率征税。

Long-term capital gains are taxed at the following rates for 2024:

2024年长期资本利得按以下税率征税：

·0% for taxpayers with taxable income of $47,025 or less for single filers ($44,625 or less in 2023) or $94,050 for married couples filing jointly ($89,250 or less in 2023)

0%适用于应税所得额不超过47,025美元（2023年为44,625美元）的单身人士，或应税所得额不超过94,050美元（2023年为89,250美元）的已婚联合申报的夫妇

·15% for single filers with taxable income between $47,026 and $518,900 ($44,626 and $492,300 in 2023) or between $94,051 and $583,750 for married couples filing jointly (between $89,251 and $553,850 in 2023)

15%适用于应税所得额在47,026美元至518,900美元之间（2023年为44,626美元至492,300美元之间）的单身人士，或应税所得额在94,051美元至583,750美元之间（2023年为89,251美元至553,850美元之间）的已婚联合申报的夫妇

·20% for taxable incomes that exceed the 15% thresholds

20%适用于超过15%门槛的应税所得额

When you claim capital losses, make sure you're strategic about how you deduct them. For instance:

申报资本损失时，务必确保了解如何扣除资本损失。比如：

·You can use capital losses to reduce your tax burden by offsetting any capital gains that occur in the same year.

您可以使用资本损失冲抵同年产生的任何资本利得，从而减轻您的纳税负担。

·You can roll over capital losses to reduce your tax burden of future capital gains.

您可以将资本损失累计入下一期，从而减轻未来资本利得的纳税负担。

·You can use a capital loss to offset ordinary income up to the allowed amount even if you don't have any capital gains that year.

即使当年未产生任何资本利得，您也可以使用资本损失冲抵一般收入，不得超过最大限额。

Important: You can claim a capital loss for any securities you own and relinquish, but there are restrictions on deducting uncollectible bad debts.

重要事项：您可以为您拥有和放弃的任何证券申报资本损失，但对于扣除无法收回的坏账有所限制。

Example of Unrealized Gains and Losses

未实现收益和损失示例

Let's say you buy shares in TSJ Sports Conglomerate at $10 per share. But the price plummets to $3 per share shortly thereafter. You decide not to sell it at this point, which means you have an unrealized loss of $7 per share. That's because the value of your shares is $7 less than when you first entered into the position.

假设您按每股10美元的价格购买TSJ Sports Conglomerate的股票，此后股价暴跌至每股3美元，此时您决定不出售。由于此时每股股价比您第一次建仓时少了7美元，每股未实现损失即为7美元。

Now, let's say the company's fortunes shift and the share price soars to $18. Since you still own the shares, you now have an unrealized gain of $8 per share—$8 above where you first bought into the company.

现在，假设公司的命运发生了转变，股价飙升至18美元。由于您仍然拥有这些股票，现在每股未实现收益达8美元，即此时股价比首次购买价格多了8美元。

How Are Unrealized Gains and Losses Accounted for?

如何核算未实现收益和损失？

Unlike realized capital gains and losses, unrealized gains and losses are not reported to the IRS. But investors and companies often record them on their balance sheets to indicate the changes in values of any assets (or debts) that haven't been realized or settled as of yet.

与已实现资本利得和损失不同的是，未实现资本利得和损失无需向美国国税局报告。但是，投资者和公司通常会在资产负债表上进行列示，反映截至某一时间节点尚未实现或结算的任何资产（或债务）的价值变化。

Are Unrealized Gains Taxed?

未实现收益是否需要缴税？

Unrealized gains are not taxed by the IRS. This means you don't have to report them on your annual tax return. Capital gains are only taxed if they are realized, which means you dispose of the asset. These gains must be reported in the year they occur.

美国国税局不对未实现收益征税，也就是说，您无需在年度纳税申报表中报告未实现收益。资本利得仅在实现时（即处置资产时）才需缴税，必须在发生当年报告。

The Bottom Line

总结

Selling an asset may result in a capital gain or loss. This depends on whether its value increases or decreases from the original purchase price. But you can still experience a gain or loss even if you don't dispose of the asset. This is called an unrealized gain or loss. Although you may not make or lose money from unrealized gains and losses, they can help you make important decisions about your investment portfolio so it's important to keep track of how your assets are performing.

出售资产可能会产生资本利得或损失，具体取决于出售价格是高于还是低于原始购买价格。但是，即使您未处置资产，也会产生收益或损失，即未实现收益或损失。您可能不会因未实现收益或损失而赚钱或赔钱，但是您可以通过未实现收益或损失对投资组合作出重要决定。随时留意资产表现，这一点很重要。