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Submitted 285 days ago...

handyman

New User (9)

Stumped tax payer

Capitol gains can be offset by capitol losses. if i have additional losses and they are used to reduce income up to 3000.00. Is this amount deducted from gross income. and placed on line 13-1040 form as a loss?

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Submitted 282 days ago...

guido

Authority (411)

Put your net gain or net loss on line 13 and it gets added/deducted from your total income. So if your net capital gain is actually loss then line 13 is the negative number and it brings your total income down.

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This Question was awarded 282 days ago therefore you can no longer post an Answer. However you may post a comment below.

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Submitted 282 days ago...

handyman

New User (9)

Thank you, thought i may be right but good to get another opinion. makes sense.

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