I sold stock for a gain of about 10K this year and transfered about 7K in IRAS to a ROTH so I am going to get hit hard..I have sold stock for about 3K so far and could sell more, but..Is the rule on selling for a loss that you can deduct 3K from ordinary income and also as much as you need to offset your captial gains or is it just 3k total per year??I think the answer will count as "good news", even though you have part of the "rule" backwards...Look at Schedule D.First, you use your capital losses to offset your capital gains. If you have more losses left over, you can reduce your taxable income for the year by the remaining balance, up to $3,000. Any amount (of losses) still remaining can be carried over to future years.Good luck figuring out what losses to take! And if you are thinking about buying back into some of your positions, remember about the rule on wash sales.Hope this helps!Ron
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