You can take $3k off the loss this year and the remainder will carry over to next year's return. Capital losses are netted with capital gains for the tax year when determining whether or not you have a net gain or loss. If you have a $4k net loss, $3K will be subtracted from your gross income, so you'll save $3k * your tax rate in federal tax. And yes, no state income tax for Texas. This link has some examples.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
