A little confuse about carryover losses from prior year and/ with LLC Schedule C losses.
- Say, I lost $20K Stock trading in 2023 and is carry to 2024 TY. In 2024, I have a stock gain of $10K, that mean I can use $10K loss from 2023 to offset the 2024 gain, correct? Can I also use another $3K from the 2023 carryover loss to offset other income?
- Let say with Item 1.) I also have LLC on Schedule C and I have a loss of $ 5K (starting LLC capital outlay expenses). Can I also apply LLC losses to reduce my AGI?
- Let say my LLC loss was $10K instead, can I use only $5K loss instead of $10K leaving another $5K for next year ? The reason being another $5K deduction does not help lowering my tax bracket.
