I'm married and file a joint return. My wife is a general partner in a tree farm for her family. We normally receive a schedule K-1 every year for this activity, with a slight monetary loss. This year, the family decided to log some parcels, and now we will be getting a large distribution for that. The accountant told me that it will show up in my Schedule D as capital gains, and I will be liable for those taxes. My question is, can/should I sell stock that is currently underwater to off-set those capital gains with losses from that stock?
Thanks for the help with this.
