Can I treat carryover loss as ordinary loss in the coming tax year?
Can I treat carryover loss as ordinary loss in the coming tax year?
Each year you can have a maximum capital loss of $3k, and the excess is carried to the next year. Your long-term losses that are carried to next year are used to offset long term gains, and your short term carry-forward losses are used against any short term gains. If the result is a loss, it offsets your ordinary income (up to the $3K max).
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