is possible to use capital loses on my personal tax return?
Yes, it is possible to utilize capital losses on your personal tax return. The amount is limited to a maximum deduction of 3,000 annually.
That being said if you had capital gains you can use all of you capital losses to arrive at a net capital gain or loss. If you were to arrive at a net loss overall you are still subject to the maximum loss deduction of 3,000.
For example, if you had a 10k capital gain and a 15K capital loss the net loss here is 5K. 3K could be deducted in the year of sale, the remaining 2K would be carried forward to the next year.
I hope this helps, please let me know if you have any further questions.
Professional in capital gains and finance related questions
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