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u1876763500
April 18, 2023
Question

capital loss

  • April 18, 2023
  • 1 reply
  • 0 views

i have $3530 in capital loss. And i owe $2470 federal and $608 state for income tax. Can I use the $3000 limit to offset the amount I owe?

    1 reply

    V
    Vanessa A
    April 18, 2023

    Your capital loss can lower your income by $3,000.  This would lower your taxable income which would lower your federal tax due and possibly state depending on state.  It is not a credit that will eliminate your amount due.  

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