For my stock long-term stock trading loss, does it offset first against my rental property rent income then against my ordinary income up to $3,000? Thanks!
You'll need to sign in or create an account to connect with an expert.
Capital losses first offset capital gains. The remaining loss offsets up to $3,000 of all other income, other than capital gain. Rental income is included in all other income (which you are calling "ordinary income"). It is not a separate category of income as far as applying capital losses is concerned.
Capital losses first offset capital gains. The remaining loss offsets up to $3,000 of all other income, other than capital gain. Rental income is included in all other income (which you are calling "ordinary income"). It is not a separate category of income as far as applying capital losses is concerned.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Tracer-x
Level 2
oiho77
New Member
jenn-copperpeakf
New Member
sansu
Level 1
Farmgirl123
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.