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msarkvark22
New Member

Why is the amount of capital loss used in 2017 $4888 instead of $3000?

 
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AnthonyC
Level 7

Why is the amount of capital loss used in 2017 $4888 instead of $3000?

Did you have capital gains in 2017?  You can use capital losses to offset capital gains during the tax year.  The $3,000 limitation applies to the ability to offset ordinary income each year.  So, if you have no capital gains, then you can deduct only $3,000 against ordinary income.

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AnthonyC
Level 7

Why is the amount of capital loss used in 2017 $4888 instead of $3000?

Did you have capital gains in 2017?  You can use capital losses to offset capital gains during the tax year.  The $3,000 limitation applies to the ability to offset ordinary income each year.  So, if you have no capital gains, then you can deduct only $3,000 against ordinary income.

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