Capital Losses

Capital losses and deductions

capital losses

You can use your 2015 capital losses to reduce your current year’s income taxes by applying such losses against your 2015 capital gains. You must however be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.

If capital gains were realized in the years 2012 to 2014 and net capital losses were incurred in 2015 then you can carry these losses back against previous years? capital gains. You can carry the unused 2015 losses forward to future capital gains.

The last 2015 transaction date effective for publicly traded securities is December 24, 2015.

Consult the Summary of loss application rules chart for the rules and annual deduction limit for each type of capital loss.

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