I have been using TT for more than 10 years and I let TT did everything for me.
Filing jointly status.
My assumption maybe wrong all along.
Just to clarify the following which I did not know.
If I have a $30,000 loss carryover from, say, 2022.
In 2023 tax year, say, I have a capital gain of $15,000, I can offset the gain with my $15,000 loss from 2022? And I can also use another $3,000 to deduct/offset my other income?
That leaves $12,000 left carryover to 2024?
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@SLYKTAX wrote:In 2023 tax year, say, I have a capital gain of $15,000, I can offset the gain with my $15,000 loss from 2022? And I can also use another $3,000 to deduct/offset my other income?
Yes, all correct assuming you have an additional carryover beyond the $3,000.
@SLYKTAX wrote:In 2023 tax year, say, I have a capital gain of $15,000, I can offset the gain with my $15,000 loss from 2022? And I can also use another $3,000 to deduct/offset my other income?
Yes, all correct assuming you have an additional carryover beyond the $3,000.
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