Fannie Mae-No Politics (FNMA)

[Steel Penny]

You must have misheard. All Capital Gains can be offset against both current and carryover capital losses. However, if the sum of current capital losses and carryover capital losses exceed total current year capital gains by more than $3K, then only $3K of the excess capital loss can be deducted against ordinary income. These are the general rules, but like much else that the government regulates, there are exceptions and caveats. So, as is often said on various IHUB boards - know what you own. OR, in the case of tax law, know what the rules are before you act and then enjoy the ride. FNMA - Up, UP and Away.