Realized Loss Reporting on Taxes?

loss over a

You are in good shape. The $10,400 capital loss on the funds will offset the entire $9,000 capital gain on the stock. The remaining $1,400 of capital loss will offset other income. So you will get the full benefit of the loss this year, with nothing carried over to future years. TurboTax will do all of this automatically. You just have to enter the information about the sales of the funds and stock.

The rule that "some folks" were referring to is that, to put it simply, if you have a net capital loss, after offsetting any capital gains, no more than $3,000 of the capital loss can be used to offset other income in the current year. Any remaining loss has to be carried over to future years (not pro rated). In your case, though, after offsetting your capital losses against your capital gains, the remaining loss is less than $3,000, so you can use it all this year.

Bob Sandler

folks that I

loss over a

Thanks Bob - got it!