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Short and Long Term Capital Losses from previous years. how much can offset *gains from **this** year*
Hi All
From prior years, 2020 and 2022, i have capital losses that were never applied as offsetting. i believe it's called "carryover" when they're not used. It's about 50K. I have significantly *less* SHORT term capital gains only going this year, 2023, i think about 25K USD at this point.
I can use all of those prior years 50K losses to zero out this 25K gain from this year for capital gains tax elimination purposes, correct? thanks!
From prior years, 2020 and 2022, i have capital losses that were never applied as offsetting. i believe it's called "carryover" when they're not used. It's about 50K. I have significantly *less* SHORT term capital gains only going this year, 2023, i think about 25K USD at this point.
I can use all of those prior years 50K losses to zero out this 25K gain from this year for capital gains tax elimination purposes, correct? thanks!
Topics:
‎December 14, 2023
8:38 PM