However the loss in the stocks was in 2006. And i was only able to use 3,000 as a right off on my regular income. But the house was sold in january 2007, will i be able to carry the loss over and use it to offset some of the capitol gain on the house?? thank you to anyone with info!!
2007-03-13 17:31:21 · 3 answers · asked by brokeorrich1 2 in Business & Finance ➔ Taxes ➔ United States
From your question, it seems you have already filed your taxes for 2006. You have a capital loss carryover of $12,000. The $12,000 loss will offset up to $12,000 of capital gains in 2007.
If the house is your primary residence, be sure to take any allowable exclusion before figuring capital gains.
2007-03-14 01:29:59 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
The $12,000 capital loss will carry forward to future years. Yes, it can offset any gain from the sale of a house. However, are you sure you will have capital gain on the sale of the house? If you lived in the house for 2 of the last 5 years, then $250,000 ($500,000 if married filing joint) of the gain will be exempt from tax.
2007-03-13 17:37:09 · answer #2 · answered by tma 6 · 2⤊ 0⤋
sorry i cant help u
2007-03-13 17:34:37 · answer #3 · answered by Lil Aquarius 3207 2 · 0⤊ 3⤋