Question by  angie497 (40)

What can you tell me about the one time capital gain federal tax write off?

I have a rather large capital gain this year that I would like to write off my taxes.


Answer by  Chaneygirl (1755)

There is no one time capital gain federal tax write off. It does not exist. If you have capital gains, you pay income taxes on them. If it is your personal residence, you would most likely be able to exclude all or some of the gain. Stock sale, investment property sales (unless section 1031 applies) are taxable.


Answer by  Att4372 (1704)

Unless its on you personal home, capital gains are taxable. You can write off large losses over time (at $3,000 per year), but you cannot "write off" income. You can deduct losses against this income. Sell any capital assets that current are worth less than your basis.


Answer by  dialfoust (220)

Ordinary gains are just like a salary and are taxed at ordinary rates. Capital gains have different ratesthat they are taxed by.

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