Congressional Report Out on Possible Increase in Limit to $10K on Using Capital Losses Against Ordinary Income

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Via the Journal of Accountancy

The AICPA’s Journal of Accountancy has posted an article outlining a recent report from the Congressional Research Service (CRS) analyzing the effects of a proposed increase in the net capital loss limitation.

Currently, individual taxpayers can net capital gains and losses and can use up to $3,000 in capital loss to offset other items of income.  Net losses over the $3,000 limit can be carried forward and used in future tax years.

You can find the Journal of Accountancy article here which discusses what may be the beginning of a tax law change which could benefit individual taxpayers, especially during this time of declining values of capital assets.

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