I flipped a home within 2 months of the purchase. Therefore I'll technically owe capital gains on the profit but it'll be taxed under ordinary income rates instead of the standard 15% long term capital gains rate correct?
So my question is, can I sell my short term (less than a year) loser stocks to offset the profit I made on the property flip?
Can I sell my long term stocks to offset the profit? Or is it only short term losses to short term gains and long term losses deducted from long term gains?
Or can no stock losses be deducted at all because this was considered ordinary income?
