You'll need to sign in or create an account to connect with an expert.
On the Sch D all your losses are netted against the gains so if you have more losses you will have a capital loss to report on the 1040 and you are allowed to claim up to $3000 of loss against other income ... any loss you cannot use this year it carried forward and used next year.
In other words, you can't use stock market losses to wipe out your income tax.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Griffin13
Returning Member
MLP_Banana
Level 3
zeikin65
Level 2
patasmith2019
New Member
tbudd
Level 4