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Level 1
April 2, 2024
Question

Capital Gains

  • April 2, 2024
  • 1 reply
  • 0 views

Hi,

I sold stock in 2023 (and received capital gains) to fund a down payment on my first house. I did not however seem to receive any tax benefit (for the home purchase) and instead paid a significant federal tax on the capital gains. I thought I would receive some breaks since the money was used for a home down payment?

thanks

1 reply

Level 15
April 2, 2024

No. One transaction has nothing to do with the other. 

fanfare
Level 15
April 2, 2024

Live and learn.

Next time, sell a position with a loss, not a gain ,if you have one.

 

@NM1126