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If I understand correctly, a maximum of $3000 of capital losses can be used to offset ordinary income within any one fiscal year, and further losses can be carried over to subsequent years. I have a gain on the sale of real estate for which taxes cannot be deferred to future years. I also have a few bow-wow stocks I'd like to use to offset the tax liability. Does the $3000 limit for losses apply only to stocks, or is that total capital losses? For instance, could one offset a $10,000 capital gain on property with a $10,000 loss on stock?

If you are talking about a loss on a business property, yes, such losses may be used to offset gains on the sale of other assets. If you are talking about a personal residence, losses are not deductible. However, if you are talking about a personal residence, gains are no longer deferred. The first $250,000 ($500,000 if married filing jointly) of gains is not taxable.

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