Investor Help (NO Ihub questions)

[eastunder]

The 3k per year deduction or 'allowable loss' goes towards your personal income - and that occurs first, BUT then you can use the remaining losses, ALL of them- if you have them, against any gains you realized in the current year.

If you still have losses left after that usage (regardless of shortterm or longterm) you then carry those over into the next year and you repeat the same scenario. Use the first 3k against personal income... then use whatever you can against gains you may take in that year.

And if you are like me - you just have someone else do it for you. ;) But I call them every year to get carryover numbers before I tax harvest in 15 different accounts.