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May 9, 2021
Question

stocK losses and deductions.

  • May 9, 2021
  • 1 reply
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I have stock losses from 2008 that totalled about $200K.  Every year, i take $3K off on my taxes.  I will never live to get all deductions @ this rate.  How can I take off more credits each year rather than being limited to $3K?  Is there a way to deduct more using my IRA profits, which I am now drawing in retirement?  Thank you.

    1 reply

    Employee
    May 9, 2021

    Your capital loss is deducted from your capital gains, if any, and a maximum of $3,000 is then deducted from your income which includes your IRA distribution. There is no way to further increase your capital loss deduction.