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What is the maximum I can deduct from my taxes for losses…

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What is the maximum...

What is the maximum I can deduct from my taxes for losses inccured on my tax return

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I incurred losses in trading of around $20,000. in 2017 How much of this amount is deductible on my tax return?

Submitted: 1 month ago.Category: Tax
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3/20/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 1 month ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
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Hey! I'm Carter, I'm a CPA and can help you out.

You can use those losses to offset any capital gains. If any losses remain after that, you can deduct $3,000 of the losses and then carryforward any remaining losses.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 26 days ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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