# rebalancer Tax-aware multi-account portfolio rebalancing from the command line. Given several accounts (taxable brokerage, EPF/NPS/401k/IRA, mutual funds), target allocations with drift bands, tax lots and prices, rebalancer solves a linear program (HiGHS) that picks the cheapest set of trades to get back to target: new cash first, lot-level tax cost, transaction costs, account constraints and the wash-sale rule are all part of the optimisation. ## Features - Allocation, drift and 5/25-style bands (absolute and relative) per asset class, with optional glide path by age. - Multi-class securities (a 65/35 balanced fund counts for both equity and debt). - Four strategies, compared side by side: cash-flow-only, threshold, full rebalance, tax-loss-harvest aware. - Lot-level tax model: STCG/LTCG with holding periods, India preset (12 months, 20% / 12.5%, ₹1.25L LTCG exemption, slab-taxed debt funds) and US preset (1 year, your rates, capped loss deduction). - Lot selection per account: FIFO (enforced, as Indian demat requires), HIFO, or tax-minimising specific lots. - Account constraints: no-sell flags (EPF, PPF), fund universes, fractional vs whole-unit securities, per-account cash flows (contributions or withdrawals). - Costs: fixed fee per trade plus bps, minimum trade size, whole-unit rounding with cash re-checked. - Wash-sale rule (US): no security is bought while another lot of it is sold at a loss, and loss lots bought within the window cannot be harvested. - Asset location suggestion with an after-tax terminal wealth estimate. - Drift history from saved snapshots. - Output as rich tables, a broker-friendly CSV trade list, or JSON. ## Install Python 3.12+. ```bash cd rebalancer uv venv .venv && uv pip install -p .venv/bin/python -e '.[dev]' source .venv/bin/activate # or call .venv/bin/rebalancer directly ``` ## Quickstart ```bash rebalancer -p examples/india/portfolio.yaml status rebalancer -p examples/india/portfolio.yaml plan rebalancer -p examples/us/portfolio.yaml compare rebalancer -p examples/us/portfolio.yaml plan -s tlh --csv trades.csv rebalancer -p examples/us/portfolio.yaml location rebalancer -p examples/india/portfolio.yaml drift-history --dir examples/india/snapshots ``` `-p/--portfolio` defaults to `portfolio.yaml` in the current directory (or `$REBALANCER_PORTFOLIO`). Prices come from the CSV named in the portfolio file unless `--prices` is given. ## Usage Global options: `-p/--portfolio FILE`, `--prices FILE`, `--age N` (overrides the glide-path age). | Command | What it does | | --- | --- | | `status [--json]` | Current allocation, drift, band breaches, account summary. | | `plan [-s STRATEGY] [--cash N] [--cash-account ID] [--csv FILE\|-] [--json]` | Trade list for one strategy (default `threshold`). `--cash` adds (or with a negative value withdraws) cash in the first taxable account, or the one given by `--cash-account`. | | `compare [--cash N] [--json]` | Runs all four strategies and compares trades, tax, costs and residual drift. | | `location [--json]` | Suggests which classes belong in which account and estimates the after-tax wealth gain. | | `snapshot [--dir D] [--date YYYY-MM-DD]` | Saves the current allocation as `D/.json`. | | `drift-history [--dir D] [--json]` | Drift per class across saved snapshots. | Strategies: `cashflow` (deploy cash, never sell), `threshold` (sell only from classes outside their bands, buy to bring breached classes back; classes inside their band are left alone), `full` (every class back to target), `tlh` (bands as slack, but sells are allowed everywhere so loss lots can be harvested into other securities of the same class). ### Status ```text Indian investor (EPF, PPF, NPS, demat, mutual funds) as of 2026-10-16 total ₹6,386,920 Allocation vs target ┏━━━━━━━━┳━━━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━┓ ┃ Class ┃ Value ┃ Actual % ┃ Target % ┃ Drift ┃ Band ┃ Action ┃ ┡━━━━━━━━╇━━━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━┩ │ equity │ ₹3,985,260 │ 62.40 │ 55.00 │ +7.40 │ ±5.00 │ sell │ │ debt │ ₹2,056,160 │ 32.19 │ 35.00 │ -2.81 │ ±5.00 │ ok │ │ gold │ ₹295,500 │ 4.63 │ 8.00 │ -3.37 │ ±2.00 │ buy │ │ cash │ ₹50,000 │ 0.78 │ 2.00 │ -1.22 │ ±1.00 │ buy │ └────────┴────────────┴──────────┴──────────┴───────┴───────┴────────┘ Accounts ┏━━━━━━━━━━━━━━━━━━━━━┳━━━━━━━━━━━━━━┳━━━━━━━━━━━━┳━━━━━━┳━━━━━━━┓ ┃ Account ┃ Type ┃ Value ┃ Cash ┃ Share ┃ ┡━━━━━━━━━━━━━━━━━━━━━╇━━━━━━━━━━━━━━╇━━━━━━━━━━━━╇━━━━━━╇━━━━━━━┩ │ EPF (no sells) │ tax_free │ ₹860,000 │ ₹0 │ 13.5% │ │ PPF (no sells) │ tax_free │ ₹410,000 │ ₹0 │ 6.4% │ │ NPS Tier I │ tax_deferred │ ₹404,100 │ ₹0 │ 6.3% │ │ Demat (Zerodha) │ taxable │ ₹2,470,820 │ ₹0 │ 38.7% │ │ Mutual funds (Coin) │ taxable │ ₹2,242,000 │ ₹0 │ 35.1% │ └─────────────────────┴──────────────┴────────────┴──────┴───────┘ ``` ### Plan (India: FIFO lots, exemption, no-sell EPF) Cash flows come from the `cash_flow` fields in the portfolio file. The demat account is FIFO, so the NIFTYBEES sale consumes the oldest lot first; the ₹72,091 long-term gain stays inside the ₹1.25L exemption, so no tax is due. EPF cannot sell and can only buy EPF, so its contribution is deployed there. ```text Plan: threshold (threshold: act only on classes outside their bands) Cash flows: epf ₹30,000, nps ₹20,000, demat ₹100,000 Trades ┏━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━━┳━━━━━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━┳━━━━━━━━━━┓ ┃ Account ┃ Action ┃ Security ┃ Qty ┃ Price ┃ Amount ┃ Gain ┃ Tax term ┃ ┡━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━━╇━━━━━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━╇━━━━━━━━━━┩ │ demat │ SELL │ NIFTYBEES │ 653 │ 285.40 │ ₹186,366 │ ₹72,091 │ LT │ │ demat │ BUY │ GOLDBEES │ 2,298 │ 98.50 │ ₹226,353 │ - │ - │ │ epf │ BUY │ EPF │ 29,944.0671 │ 1.00 │ ₹29,944 │ - │ - │ │ nps │ SELL │ NPS_E │ 4,200 │ 48.50 │ ₹203,700 │ - │ - │ │ nps │ BUY │ NPS_C │ 4,898.4935 │ 41.20 │ ₹201,818 │ - │ - │ └─────────┴────────┴───────────┴─────────────┴────────┴──────────┴─────────┴──────────┘ Before ┏━━━━━━━━┳━━━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━┓ ┃ Class ┃ Value ┃ Actual % ┃ Target % ┃ Drift ┃ Band ┃ Action ┃ ┡━━━━━━━━╇━━━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━┩ │ equity │ ₹3,985,260 │ 60.97 │ 55.00 │ +5.97 │ ±5.00 │ sell │ │ debt │ ₹2,056,160 │ 31.45 │ 35.00 │ -3.55 │ ±5.00 │ ok │ │ gold │ ₹295,500 │ 4.52 │ 8.00 │ -3.48 │ ±2.00 │ buy │ │ cash │ ₹200,000 │ 3.06 │ 2.00 │ +1.06 │ ±1.00 │ sell │ └────────┴────────────┴──────────┴──────────┴───────┴───────┴────────┘ After ┏━━━━━━━━┳━━━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━┓ ┃ Class ┃ Value ┃ Actual % ┃ Target % ┃ Drift ┃ Band ┃ Action ┃ ┡━━━━━━━━╇━━━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━┩ │ equity │ ₹3,595,194 │ 55.01 │ 55.00 │ +0.01 │ ±5.00 │ ok │ │ debt │ ₹2,287,922 │ 35.01 │ 35.00 │ +0.01 │ ±5.00 │ ok │ │ gold │ ₹521,853 │ 7.98 │ 8.00 │ -0.02 │ ±2.00 │ ok │ │ cash │ ₹130,833 │ 2.00 │ 2.00 │ +0.00 │ ±1.00 │ ok │ └────────┴────────────┴──────────┴──────────┴───────┴───────┴────────┘ Summary ┌───────────────────────────────────────┬──────────┐ │ Bought │ ₹458,115 │ │ Sold │ ₹390,066 │ │ Transaction costs │ ₹1,118 │ │ Estimated tax │ ₹0 │ │ Residual drift (sum |drift|, pct pts) │ 0.03 │ └───────────────────────────────────────┴──────────┘ ``` ### Compare strategies (US) ```text Strategy comparison ┏━━━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━━━━━━┳━━━━━━━━━━━━━┳━━━━━━━━━━━━┓ ┃ ┃ ┃ ┃ ┃ ┃ ┃ ┃ ┃ Max ┃ ┃ ┃ ┃ ┃ ┃ ┃ ┃ Drift ┃ ┃ |drift| ┃ ┃ Strategy ┃ Trades ┃ Bought ┃ Sold ┃ Tax ┃ Costs ┃ before ┃ Drift after ┃ after ┃ ┡━━━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━━━━━━╇━━━━━━━━━━━━━╇━━━━━━━━━━━━┩ │ cashflow │ 3 │ $18,803 │ $0 │ $0 │ $4 │ 23.18 │ 16.63 │ 8.28 │ │ threshold │ 6 │ $66,302 │ $47,571 │ -$612 │ $23 │ 23.18 │ 0.09 │ 0.04 │ │ full │ 7 │ $103,145 │ $84,517 │ -$960 │ $38 │ 23.18 │ 0.12 │ 0.06 │ │ tlh │ 7 │ $103,145 │ $84,517 │ -$960 │ $38 │ 23.18 │ 0.12 │ 0.06 │ └───────────┴────────┴──────────┴─────────┴───────┴───────┴─────────────┴─────────────┴────────────┘ Allocation after each strategy (actual %) ┏━━━━━━━━━━━━━┳━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━━┳━━━━━━━┳━━━━━━━┓ ┃ Class ┃ Target ┃ Before ┃ cashflow ┃ threshold ┃ full ┃ tlh ┃ ┡━━━━━━━━━━━━━╇━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━━╇━━━━━━━╇━━━━━━━┩ │ us_equity │ 46.75 │ 39.58 │ 41.04 │ 46.72 │ 46.71 │ 46.71 │ │ intl_equity │ 19.50 │ 27.78 │ 27.78 │ 19.50 │ 19.50 │ 19.50 │ │ bonds │ 25.40 │ 23.59 │ 25.40 │ 25.40 │ 25.40 │ 25.40 │ │ reit │ 8.35 │ 5.75 │ 5.75 │ 8.34 │ 8.34 │ 8.34 │ │ cash │ 0.00 │ 3.31 │ 0.03 │ 0.04 │ 0.06 │ 0.06 │ └─────────────┴────────┴────────┴──────────┴───────────┴───────┴───────┘ ``` The negative tax is a loss-harvesting credit: the underwater VXUS lot is sold and the loss deduction (capped at $3,000 times the ordinary rate) is worth $612 to $960. ### Tax-loss-harvest aware plan (US) The bond lot in the taxable account is sold at a loss while bonds are bought in the 401(k) instead, so the bond allocation is unchanged and no security is both sold at a loss and bought. ```text Plan: tlh (tax-loss-harvest aware: bands plus loss harvesting swaps) Cash flows: brokerage $15,000, k401 $1,500 Trades ┏━━━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━┳━━━━━━━━━┳━━━━━━━━━━┓ ┃ Account ┃ Action ┃ Security ┃ Qty ┃ Price ┃ Amount ┃ Gain ┃ Tax term ┃ ┡━━━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━╇━━━━━━━━━╇━━━━━━━━━━┩ │ brokerage │ SELL │ BND │ 400 │ 72.10 │ $28,840 │ -$4,360 │ LT │ │ brokerage │ SELL │ VXUS │ 250 │ 71.85 │ $17,962 │ -$1,913 │ LT │ │ brokerage │ BUY │ VNQ │ 158 │ 94.30 │ $14,899 │ - │ - │ │ brokerage │ BUY │ VTI │ 157 │ 312.40 │ $49,047 │ - │ - │ │ k401 │ SELL │ VFIAX │ 13.2409 │ 612.20 │ $8,106 │ - │ - │ │ k401 │ SELL │ VTIAX │ 711.7448 │ 41.60 │ $29,609 │ - │ - │ │ k401 │ BUY │ VBTLX │ 3,979.6167 │ 9.85 │ $39,199 │ - │ - │ └───────────┴────────┴──────────┴────────────┴────────┴─────────┴─────────┴──────────┘ Before ┏━━━━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━┓ ┃ Class ┃ Value ┃ Actual % ┃ Target % ┃ Drift ┃ Band ┃ Action ┃ ┡━━━━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━┩ │ us_equity │ $227,346 │ 39.58 │ 46.75 │ -7.17 │ ±5.00 │ buy │ │ intl_equity │ $159,590 │ 27.78 │ 19.50 │ +8.28 │ ±4.88 │ sell │ │ bonds │ $135,515 │ 23.59 │ 25.40 │ -1.81 │ ±5.00 │ ok │ │ reit │ $33,005 │ 5.75 │ 8.35 │ -2.60 │ ±2.09 │ buy │ │ cash │ $19,000 │ 3.31 │ 0.00 │ +3.31 │ ±0.50 │ sell │ └─────────────┴──────────┴──────────┴──────────┴───────┴───────┴────────┘ After ┏━━━━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━┓ ┃ Class ┃ Value ┃ Actual % ┃ Target % ┃ Drift ┃ Band ┃ Action ┃ ┡━━━━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━┩ │ us_equity │ $268,287 │ 46.71 │ 46.75 │ -0.04 │ ±5.00 │ ok │ │ intl_equity │ $112,019 │ 19.50 │ 19.50 │ +0.00 │ ±4.88 │ ok │ │ bonds │ $145,874 │ 25.40 │ 25.40 │ -0.00 │ ±5.00 │ ok │ │ reit │ $47,904 │ 8.34 │ 8.35 │ -0.01 │ ±2.09 │ ok │ │ cash │ $334 │ 0.06 │ 0.00 │ +0.06 │ ±0.50 │ ok │ └─────────────┴──────────┴──────────┴──────────┴───────┴───────┴────────┘ Summary ┌───────────────────────────────────────┬──────────┐ │ Bought │ $103,145 │ │ Sold │ $84,517 │ │ Transaction costs │ $38 │ │ Estimated tax │ -$960 │ │ Residual drift (sum |drift|, pct pts) │ 0.12 │ └───────────────────────────────────────┴──────────┘ ``` ### CSV trade list One row per lot for taxable sells, so a broker ticket can name the exact lots. ```text account,action,symbol,quantity,price,amount,fee,lot_date,lot_cost,est_gain,term brokerage,SELL,VXUS,250,71.8500,17962.50,3.59,2024-01-10,79.5000,-1912.50,LT brokerage,BUY,VNQ,158,94.3000,14899.40,2.98,,,, brokerage,BUY,VTI,65,312.4000,20306.00,4.06,,,, k401,SELL,VTIAX,711.745,41.6000,29608.58,5.92,,,, k401,BUY,VBTLX,1053.2,9.8500,10374.00,2.07,,,, k401,BUY,VFIAX,33.8491,612.2000,20722.42,4.14,,,, ``` ### Asset location ```text Current placement ┏━━━━━━━━━━━┳━━━━━━━━━━━┳━━━━━━━━━━━━━┳━━━━━━━━━┳━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━┓ ┃ Account ┃ us_equity ┃ intl_equity ┃ bonds ┃ reit ┃ cash ┃ Total ┃ ┡━━━━━━━━━━━╇━━━━━━━━━━━╇━━━━━━━━━━━━━╇━━━━━━━━━╇━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━┩ │ brokerage │ $89,034 │ $32,332 │ $46,865 │ $14,145 │ $2,500 │ $184,876 │ │ k401 │ $110,196 │ $116,480 │ $88,650 │ - │ - │ $315,326 │ │ roth │ $28,116 │ $10,778 │ - │ $18,860 │ - │ $57,754 │ └───────────┴───────────┴─────────────┴─────────┴─────────┴────────┴──────────┘ Suggested placement ┏━━━━━━━━━━━┳━━━━━━━━━━━┳━━━━━━━━━━━━━┳━━━━━━━━━━┳━━━━━━━━━┳━━━━━━━━┳━━━━━━━━━━┓ ┃ Account ┃ us_equity ┃ intl_equity ┃ bonds ┃ reit ┃ cash ┃ Total ┃ ┡━━━━━━━━━━━╇━━━━━━━━━━━╇━━━━━━━━━━━━━╇━━━━━━━━━━╇━━━━━━━━━╇━━━━━━━━╇━━━━━━━━━━┩ │ brokerage │ $184,876 │ - │ - │ - │ - │ $184,876 │ │ k401 │ $17,721 │ $159,590 │ $135,515 │ - │ $2,500 │ $315,326 │ │ roth │ $24,748 │ - │ - │ $33,005 │ - │ $57,754 │ └───────────┴───────────┴─────────────┴──────────┴─────────┴────────┴──────────┘ After-tax wealth in 25 years: current $2,825,885, suggested $2,888,019 ($62,134, +2.20%) ``` ### Drift history ```text Drift history (percentage points vs target) ┏━━━━━━━━━━━━┳━━━━━━━━━━━┳━━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━┳━━━━━━━━━━━━━━┳━━━━━━━━━━━━━━━━━━━━┓ ┃ Date ┃ Total ┃ equity ┃ debt ┃ gold ┃ cash ┃ Worst ┃ Breached ┃ ┡━━━━━━━━━━━━╇━━━━━━━━━━━╇━━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━╇━━━━━━━━━━━━━━╇━━━━━━━━━━━━━━━━━━━━┩ │ 2026-01-15 │ 5,717,381 │ +3.55 │ +0.41 │ -2.83 │ -1.13 │ equity +3.55 │ gold, cash │ │ 2026-04-15 │ 5,968,458 │ +5.09 │ -0.88 │ -3.05 │ -1.16 │ equity +5.09 │ equity, gold, cash │ │ 2026-07-15 │ 6,219,535 │ +6.51 │ -2.07 │ -3.25 │ -1.20 │ equity +6.51 │ equity, gold, cash │ │ 2026-10-16 │ 6,386,920 │ +7.40 │ -2.81 │ -3.37 │ -1.22 │ equity +7.40 │ equity, gold, cash │ └────────────┴───────────┴────────┴───────┴───────┴───────┴──────────────┴────────────────────┘ ``` ## Input files A portfolio is one YAML file plus a prices CSV (`symbol,price`). See `examples/*/portfolio.yaml`. ```yaml as_of: 2026-10-16 prices: prices.csv # relative to the YAML file targets: age: 41 # used with glide_path bands: {absolute: 5, relative: 25} # percentage points / percent of target; the tighter one triggers classes: # fixed targets (percent) ... equity: 60 cash: {target: 5, absolute: 2, relative: 50} glide_path: # ... or interpolated by age (class entries then only supply bands) - {age: 30, us_equity: 55, bonds: 10} tax: preset: india | us | none slab_rate: 30 # india: rate on non-equity gains stcg_rate: 32 # us ltcg_rate: 15 # us loss_deduction_cap: 3000 # us: net losses usable against ordinary income wash_sale: true # us default true categories: # optional per-category overrides gold: {holding_days: 365, stcg: 30, ltcg: 12.5, exemption: 0} costs: {fixed: 20, bps: 12, min_trade: 5000} location: tax_efficiency: {equity: 0.85} # 0..1, higher = more tax efficient expected_return: {equity: 12} # percent withdrawal_rate: 12 # tax on tax_deferred balances at withdrawal horizon: 20 securities: BAF: {name: Balanced fund, classes: {equity: 0.65, debt: 0.35}, tax_category: equity, fractional: true} accounts: - id: demat type: taxable # taxable | tax_deferred | tax_free lot_method: fifo # fifo | hifo | min_tax no_sell: false funds: [NIFTYBEES] # buy universe (omit for everything) cash: 0 cash_flow: 100000 # contribution (+) or withdrawal (-) to apply in this run positions: - symbol: NIFTYBEES lots: # taxable accounts need lots; cost is per unit - {date: 2021-06-15, qty: 2500, cost: 175.00} - {symbol: NPS_E, qty: 4200} # non-taxable accounts need only qty ``` Rates are in percent, bps in basis points, `cost` is per unit. Idle cash is treated as a class named `cash` (target 0% unless you list it) so uninvested money is pulled into the portfolio. ## Architecture ```text rebalancer/ models.py dataclasses: lots, accounts, targets, tax and cost config loader.py YAML/CSV loading, tax presets, glide path, validation drift.py class values, drift and band checks tax.py holding periods and exact tax (netting, exemption, loss credit) lp.py small sparse LP/MILP builder over scipy.optimize.milp (HiGHS) optimizer.py model construction, min-trade/fixed-fee heuristics, rounding to units strategies.py the four strategies and cash-flow resolution location.py asset location (transportation LP) and after-tax wealth estimate snapshots.py saved snapshots and drift history report.py rich tables, CSV, JSON cli.py click commands docs/model.md LP formulation, equations, worked examples docs/assumptions.md modelling assumptions and what is not modelled examples/ India and US portfolios with prices and snapshots ``` ## Tests ```bash .venv/bin/pytest -q ``` 221 tests: drift and bands, glide path, tax per lot and netting, hand-checkable strategy results, FIFO/HIFO/min-tax lot choice, cash-flow-only never sells, wash-sale, min trade and fixed-fee pruning, location, CLI end-to-end on both examples, and property tests over 40 random portfolios times 4 strategies (cash never negative, no-sell and fund universe respected, whole units, FIFO/HIFO order, min trade, wash-sale, tax equals recomputed tax). ## Limitations - The model is flat-rate and single-year: no carried-forward losses, no state tax, no AMT, no surcharge or cess. See `docs/assumptions.md`. - The LP does not net a long-term loss against a short-term gain at the short-term rate; the reported tax does (the two can differ slightly). - Tax is assumed to be paid from outside the portfolio; it is reported and optimised but not deducted from cash. - Wash-sale handling covers the exact same security in any account, not "substantially identical" funds, and ignores dividend reinvestment. - Minimum trade size and fixed fees are handled with heuristics (re-solve with banned trades), so the result is very good but not guaranteed globally optimal. - Past price history is not modelled; `drift-history` uses the snapshots you save. - Not tax or investment advice.