500futures, Home Buyer in Los Angeles, CA

I have long-term capital losses from stocks. Can I offset my real estate gains with my carried over long-term losses from stocks?

Asked by 500futures, Los Angeles, CA Wed Jun 5, 2013

I lost money in stocks and have large capital losses from years ago. Selling a house I have owned for over 1 year now, can I offset those gains with stock losses that are long-term capital losses?

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If you haven't been hired, then there's nothing wrong with providing advice. The best answer would have been to refer me to the IRS Schedule D which answers those questions.

0 votes Thank Flag Link Fri Jun 7, 2013
Hi 500futures,

Ditto below.

If you do not already have a CPA find one here: http://apps.aicpa.org/credentialsrefweb/PFSCredentialSearchP…

0 votes Thank Flag Link Thu Jun 6, 2013
Unfortunately, Realtors are prohibited by law from giving tax advice, so we recommend you contact your CPA.
0 votes Thank Flag Link Thu Jun 6, 2013
I agree with James that you need expert tax advice. Normally I'd say gains offset losses, but you're talking about losses from a long time ago, and a gain on a house you owned less than 2 years. Those are likely to complicate things. You clearly need an expert who will probably have a LOT of questions about the details before even they can render an opinion. Good luck, and may your losses be in your past, and your gains in your future!!!
0 votes Thank Flag Link Thu Jun 6, 2013
This is a great question for a CPA. Only a tax accountant can provide you with the proper answer to your situation.
0 votes Thank Flag Link Wed Jun 5, 2013
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