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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500futures, Home Buyer, Los Angeles, CA
Fri Jun 7, 2013
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.

http://www.irs.gov/pub/irs-pdf/i1040sd.pdf
0 votes
Steven Ornel…, Agent, Fremont, CA
Thu Jun 6, 2013
Hi 500futures,

Ditto below.

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

-Steve
0 votes
The Medford…, Agent, Fremont, CA
Thu Jun 6, 2013
Unfortunately, Realtors are prohibited by law from giving tax advice, so we recommend you contact your CPA.
0 votes
Rob Regan, Agent, San Francisco, CA
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!!!
Web Reference:  http://www.SF-MLS-Search.com
0 votes
James Wehner, Agent, Scottsdale, AZ
Wed Jun 5, 2013
This is a great question for a CPA. Only a tax accountant can provide you with the proper answer to your situation.
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