Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
M
mightymx69
October 16, 2022
Question

Offsetting Earned Interest Income from a Promissory Note

  • October 16, 2022
  • 1 reply
  • 0 views

I currently earn %12 interest, paid to me monthly, on a loan I made to a real estate company through a promissory note.  Can I sell stocks at a loss to offset this earned interest?  

    1 reply

    A
    Anonymous_
    Employee
    October 16, 2022

    Capital losses are first used to offset capital gains.

     

    After that, any excess capital losses, up to $3,000 ($1,500 if married filing separately), can be used to offset other types of income.

     

    See https://www.irs.gov/taxtopics/tc409

      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification