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Show me another »If I sell stocks/mutual funds for a loss, how much can I deduct from taxes and how many yrs can it carry over?
I want to sell some mutual funds/stocks, they have taken losses. I think I can only deduct so much per year, but the unused amount can be deducted each year until I have applied all the losses. My question is, how much and for how long? IRS.gov is so confusing.
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Judy above is correct except that you deduct the losses against any gains first - then $3000 against other income.
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Other Answers (1)
- You can deduct $3000 per year of your loss against other income, and carry anything additional over as long as it takes to use it up.0% 0 Votes
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