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Financial Planning / Tax Strategies


Subject:  Long Term Capital Gains and losses Date:  9/28/2020  5:50 PM
Author:  footsox Number:  131134 of 132099

Just trying to make sure I have this right. If I have capital gains from the sale of a rent house, I can off-set them with capital losses from the sale of shares of stock? Both of these are long term capital gains and losses. Both having been held for a few years. (I think long term gains and losses, items have to be held for over a year for them to be long term?)

Let's say I have capital gains from the sale of the rent house of $20,000. I can off-set those gains by selling an equal amount of losing shares of stock?

Now, let's say the stock loss is greater than $20,000. Let's say $30,000. I can then carry over the remaining $10,000 at $3,000 per year on my taxes? (I am not sure of the amount of $3000) But I can initially use the loss of $20,000 in the same year as I sold the rent house?

Thanks for any verification. I appreciate it.

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