Have a Tax Question? Ask a Tax Expert
Hi. My name is ***** ***** I will be happy to help you.
Yes, you are correct, there's a $3000 limit on capital gains deduction. You have couple of options. You can sell it all, claim $3000 deduction on your 2015 and carryforward the loss to 2016 and/or 2017 or you can only sell the maximum you can currently deduct. Or, if you have a stock or mutual fund that you would sell with a gain, you can use the losses to offset the gains.
For instance you have stock A that has 5K gain and than you have stock B that is loosing 8K, if you sell them both in the same year, you could eliminate your 5K gain and still claim 3K in the current year.
Let me know if you have any questions.