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April 10, 2024
Question

Tax Loss Question Carryover Question Pls

  • April 10, 2024
  • 1 reply
  • 0 views

Stock A –  Short position sold in 2023, $5000 profit

Stock B – Long position sold in 2023, $11,000 Loss

 

For tax purposes, is it considered a  $6K loss  for the year  or is the loss limited to $3K for the 2024 tax year

 

Thank you

    1 reply

    Employee
    April 10, 2024

    $3,000 deducted  from income and $3,000 loss carried over. 

    mau3535Author
    April 10, 2024

    Thank you

     

    When can you deduct the full (more than $3k) loss of a stock in the same year?

    Employee
    April 10, 2024

    The maximum amount deducted from income is $3,000.  The rest is carried over until all used up.