ilmscore | Prediction Details
"Now, if you have losses, you can use some of your losses to negate some of your wins when it comes to investing. Now, this is where the natural next question is, okay, if I had this loss in my stock market investments, can I use this loss to offset some of my taxable income for my job? And the answer is, well, well, it kind of depends. The IRS generally likes to compare apples to apples. And so what that means is first, they're going to categorize your income... The general rule is that you can deduct up to $3,000 worth of capital losses against other types of income if you are married. If you are single, filing a single tax return, then it's $1,500. So if you have a $1,500 short-term loss, you can deduct up to $3,000 worth of capital losses on your investments against your ordinary income."
By Minority Mindset | November 12, 2023 | Pending
From video
How The Wealthy Pay No Taxes (And How You Can Too) | Jaspreet Singh 00:44:21 - 00:46:24
Interpreted Prediction
Capital losses from selling investments can be used to offset capital gains. If losses exceed gains, up to $3,000 ($1,500 if single) can be deducted against ordinary income annually, with any remaining losses carried forward to future years.

Prediction Details

Topic
Capital Losses to Offset Capital Gains

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