topic Capital Gains in After you file

Capital Gains

NM1126 — Tue, 02 Apr 2024 15:22:25 GMT

Hi,

I sold stock in 2023 (and received capital gains) to fund a down payment on my first house. I did not however seem to receive any tax benefit (for the home purchase) and instead paid a significant federal tax on the capital gains. I thought I would receive some breaks since the money was used for a home down payment?

thanks

Re: Capital Gains

Bsch4477 — Tue, 02 Apr 2024 15:24:26 GMT

No. One transaction has nothing to do with the other.

Re: Capital Gains

fanfare — Tue, 02 Apr 2024 16:58:24 GMT

Live and learn.

Next time, sell a position with a loss, not a gain ,if you have one.

@NM1126