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Get your taxes done using TurboTax
if the IRS does not classify you as a dealer in real estate (the flip would be ordinary income and not capital gain), then short-term losses from stocks will offset the capital gain on the flip. long-term gains and losses are also netted. if one category is a loss and the other is a gain, these too are netted. the maximum deduction for capital losses in any one year is $3,000 with any excess carried over to the following year. if both are losses the short-term is used first.
see this guide about house flipping and you may want to consult a tax pro
‎November 29, 2024
9:01 AM