Hi,
I know that you can deduct 3000 maximum per year on ordinary income. But what if your capital loss was say, 15000 last year, and your capital gain is 20000 this year. Will the remaining 12000 remaining from capital LOSS offset this year's capital gain of 20000 this year, thus allowing me to pay tax on only 8000 this year. Thanks.
I know that you can deduct 3000 maximum per year on ordinary income. But what if your capital loss was say, 15000 last year, and your capital gain is 20000 this year. Will the remaining 12000 remaining from capital LOSS offset this year's capital gain of 20000 this year, thus allowing me to pay tax on only 8000 this year. Thanks.