Ask Terry Questions selling stocks for tax loss

selling stocks for tax loss

By Terry Savage on December 10, 2017 |

I have 2 stocks that are losers . Can I sell them and get a write off on my taxes? Should I sell just one or both to get the tax write off? Should I do it now before the possible new tax laws?

Terry Says

You are allowed to write off losses against gains, so be sure to consider whether you have some stocks to sell at a profit that can be offset by those losses.  If you have no winning stocks to sell, you are allowed to offset $3,000 of losses against ordinary income every year.  If your losses are greater, you can"carry forward" the losses to use in future years -- $3,000 per year -- against ordinary income.  From what I've seen so far, the new tax bill isn't going to impact that situation.

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