Episode Details

Capital losses from investments like stocks or crypto can be used to offset capital gains on your taxes. If losses exceed gains, up to $3,000 can be deducted from ordinary income. For real estate, adjust your basis by adding improvements or subtracting depreciation. Short-term losses offset short-term gains, taxed at regular income rates, while long-term losses are taxed at lower rates. Not every loss qualifies for a deduction, so be aware of wash sales and retirement account rules. Net short-term and long-term losses separately, then combine for your overall result. Carry forward extras indefinitely, deducting up to $3,000 yearly until gone. Tax software can help, and consider tax-loss harvesting for strategic tax planning.

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