I know that for any 1 year your max deduction on Capitol Losses is $3,000 but what is the overall cap? If say I lost a cool mil in the market this year could I itemize this over the remainder of my life at 3k a year?
"If say I lost a cool mil in the market this year could I itemize this over the remainder of my life at 3k a year?" Yes. You could also hope that next year you'd have capital gains. A decade or so ago I was lured into the commodity market and incurred a bunch of losses I didn't believe I'd ever be able to take. But what do you know, they all were written off against gains--plus the $3000 a year. Now I'm back to paying taxes on capital gains and will never, ever, do anything with a commodity trader again! Best wishes, Chris
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