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I apologize if this is a question that has been asked previously.

My question is: I've seen it stated that capital losses of only up to $3000 can be used as a deduction against your regular income. Is the cutoff for capital losses the same $3000 value?

For example:
Let's say I sell some stock that I have held for many years for a net gain of $50000. I also sell some stock that I invested in during the last year and took a substantial loss on it, let's say $10000. Can that entire $10000 be applied as a loss against my gain.

So, when I'm computing my taxes next April, is my capital gain $40000 (50k-10k) or $47000 (50k-3k)?

Thanks for any help.

-Platinum Nat
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