Have a Tax Question? Ask a Tax Expert
If I sell securities I own between now and the end of the
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
Please just email your answer or any questions you have of me.
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.
I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.