turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I still pay capital gains tax if my net gains is a loss? I know I can deduct up to $1500 as a single filer to my income if my capital losses exceed my capital gains.

For example, I made profits selling securities short term but I had a greater loss selling other securities. I can deduct $1500 towards my income but I do still have to pay the tax on the profits I made from the securities I sold?
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Do I still pay capital gains tax if my net gains is a loss? I know I can deduct up to $1500 as a single filer to my income if my capital losses exceed my capital gains.

If you have a net capital loss in 2016, you do not pay any capital gain tax.

You can claim up to $3,000 ($1,500 if Married filing Separately) of capital loss. Any excess capital loss can be carried to future years.

Please read this IRS document for more information:

https://www.irs.gov/taxtopics/tc409.html


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
MinhT
Expert Alumni

Do I still pay capital gains tax if my net gains is a loss? I know I can deduct up to $1500 as a single filer to my income if my capital losses exceed my capital gains.

If you have a net capital loss in 2016, you do not pay any capital gain tax.

You can claim up to $3,000 ($1,500 if Married filing Separately) of capital loss. Any excess capital loss can be carried to future years.

Please read this IRS document for more information:

https://www.irs.gov/taxtopics/tc409.html


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies