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November 26, 2024
Question

In 21, I had capital gains . I reinvested the tax due. In 22, I had capital losses and could not pay the 21 tax.Can I use my 22 losses to offset the 21 capital gains?

  • November 26, 2024
  • 2 replies
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    2 replies

    rjs
    Employee
    November 26, 2024

    No, you cannot use capital losses in 2022 to offset capital gains in 2021. You have to pay the tax that you owe for 2021.

     

    DoninGA
    Employee
    November 26, 2024

    Capital gains and losses have to be reported on the tax year when the the gains and/or losses occurred.  Not on some future tax year.