If a taxpayer’s capital losses are more than their capital gains, they can deduct the difference as a loss on their tax return. This loss is limited to $3,000 per year, or $1,500 if married and filing a separate return. If a taxpayer’s total net capital loss is more than the limit they can deduct, they can carry it over to next year’s tax return. If you need assistance with preparing your tax return, contact DTA at 877-DTA-6379 or [email protected]. #DTATips #irs #taxes #accountant #capitallosses
