Use Capital Losses Wisely
November 2, 2016 - 0
You can use your 2016 capital losses to reduce your current year’s income taxes by applying such losses against your 2016 capital gains. You must, however, be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.
If capital gains were realized in the years 2013 to 2015 and net capital losses were incurred in 2016, then you can carry these losses back against previous years’ capital gains. You can carry the unused 2016 losses forward to future capital gains.
The last 2016 transaction date effective for publicly traded securities is December 23, 2016.
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