I was thinking how to balance my capital gains that I had from selling my property. Amount we are talking about is $250,000 previous value of the house, I sold it for $200,000 and in fact, we are talking about loss here, right? How can I deduct money from using a capital loss to offsett a capital gain?
It is possible to use capital losses to offset capital gains; I mean the law allows such activity. You have to start first with subtracting short-term gains and losses and long-term gains and losses then use remaining losses to offsett gains. Limit for doing this is how much loss you can use to offsett gains.
