I just took a long-term capital loss on some old tech stock, and I have approx. $9k in a traditional IRA that I'd like to convert to a Roth. This is a rollover from a 401k so I never deducted any contributions to this IRA. I'm in the 27% tax bracket so my conversion taxes would be ~$2430. Can I use the capital loss to offset those taxes, or can capital losses only be used to offset capital gains or regular income?
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