The $3000 limit applies only to regular income.If so can I still deduct $3k this year from my ordinary income or can I only deduct that if I make any kind of capital gains?
Your capital loss (including any loss carried over from previous years) is first used to offset your capital gain. (There is no $3000 limit here; any amount of capital gain can be offset by an equal amount of capital loss.)
After that, any remaining loss will offset up to $3000 of regular income.
After that, any remaining loss is carried forward to the next tax year.
Statistics: Posted by Scorpion Stare — Fri Mar 22, 2024 8:46 pm — Replies 5 — Views 321