OT: Anyone in here a CPA?

[3xWVUenginEER]

got a tax question

If you got a short term capital loss, can you play that against Capital gain distributions from mutual funds in the same year (ie this year 2019)?

Also if there’s some left over, can you play that against Capital Gain Distributions from mutual funds in the next year (ie 2020)?

Thanks

 

[UloseOnthursday]

Yes. Your short term capital loss can be used to offset your capital gain distributions from mutual funds. Not only that if your loss is more than your distributions and all other capital gains, you can take up to a 3,000 loss. If you still have more loss that can be carried forward to Future years until exhausted.

 

[UloseOnthursday]

Forgot to mention you would need to fill out a schedule D. The capital loss & distributions would go on the schedule D. The net gain or loss (up to 3000 loss) would then transfer to the front of your 1040. The capital loss carry forward if any is also calculated on the schedule D.

 

[3xWVUenginEER]

Thank you. Always consult a professional in the industry.

They changed the forms last year from the year before and I didn’t know if the laws had changed too. I think I should be okay. I’d be happier than a pig in $#!+ if short term Capital losses could be used against dividends and money in an Traditional IRA to Roth Transfer, but no you can’t do all that.

 

[sg44gold]

Is anyone in here a felon? 3xWV might need someone to do some federal time for him.

 

[UloseOnthursday]

Thank you. Always consult a professional in the industry.

They changed the forms last year from the year before and I didn’t know if the laws had changed too. I think I should be okay. I’d be happier than a pig in $#!+ if short term Capital losses could be used against dividends and money in an Traditional IRA to Roth Transfer, but no you can’t do all that.

You would be wrong. You said capital gain distributions, which are long term and go on schedule D. Then you start talking about IRA's and dividends? Figure it out yourself, but my response to your original question was correct. I have no time for bs.