I earn $100K a year.
In 2022, I will have $800K in net short term losses. I will also have $500K in long term capital gains. I think i read that I can use those losses to take care of all the tax on those gains. Is that right?
I was thinking of withdrawing from my Traditional IRA to buy my first house. I have $2M in there (age 50) and wanted to pull out $500K. I don't think i can use any of those short-term losses to cover the 10% penalty, or the tax liability from taking the withdrawal to offset any of my losses. If that is the case, I'll spread out over 2022, and 2023 to try to stay in lower brackets longer.
Finally, i have about $80K in margin interest expense in 2022. I usually take the standard deduction. Should I itemize, and could that help me with any of my above items? Thanks so much!!
