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January 16, 2023
Question

Would losing value of stocks (purchased prior to 2022, not sold) be considered a capital loss?

  • January 16, 2023
  • 2 replies
  • 0 views
Trying to understand if losses given the market crash fit anywhere in tax deducitions.

2 replies

Employee
January 16, 2023

To have a capital loss for tax purposes you must realise the loss.   Just having the loss on paper does nothing.  Selling at a price less than the purchase price does net a tax loss .

January 16, 2023

it's too late to sell to take losses for 2022 and in any case, a net capital loss is only deductible up to $3,000 each year any excess carries forward to offset future capital gains or use at the above amount per year.