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J
jaharmon06
May 18, 2020
Question

If you have a net capital loss and you work tax exempt for a period of time will they cancel each other out for taxes instead of waiting for the end of the year to get your loss back?

  • May 18, 2020
  • 1 reply
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1 reply

VolvoGirl
VolvoGirl
Employee
May 18, 2020

Not exactly but a loss will reduce your taxable income.

 

If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return.  The rest you have to carryover to next year.  You have to report the carryover every year until it's used up.  You can't skip a year.

 

 

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