I have a question concerning a sale of stock at a loss to be used as a deduction. Hopefully this hasn't been asked in the recent past (I took a cursory look over some of the recent posts and have not seen it yet), but if it has, please forgive the repetition.I sold some stock during the last week of December to use as a loss. But an interesting thing came to mind: I don't have any capital gains. Last year when I sold stock at a loss, I had mutual fund capital gains which were offset by the loss. However, this year, I just realized that my funds haven't declared any capital gains. My question, therefore, is this: will my loss help me in any way? Is a loss useful in offsetting dividend income and money market income, both of which I have? And, just in case I come across this scenario in the future, let me ask this: what if I sold tax at a loss but didn't have any capital gains or any dividend/interest income...what if I just had ordinary income? Is the loss useful in offsetting some of the ordinary income? I thank you for reading.
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