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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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If I sell securities I own between now and the end of the

Customer Question

If I sell securities I own between now and the end of the year, I can realize about 50K in gain. Can this gain be offset against: 1. Charitable contributions? and 2. Scedule C losses? I am not sure if the gains are long term or short term but can find out. Thanks

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Submitted: 11 months ago.
Category: Tax
Expert:  Lev replied 11 months ago.

Hi and welcome to our site!
In short - the answer is YES to both questions.
Charitable contributions are deducted as part of itemized deduction. So - if you itemize (means - your total itemize deduction is more than the standard deduction) - charitable contribution may be used to reduce your taxable income.

Schedule C losses are business losses - and if you actively participated in that business activity - business loss is fully deductible against other taxable income including capital gains.

For these purposes - it doesn't matter if the gains are long term or short term.

Expert:  Lev replied 11 months ago.

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