How do I report losses on my taxes?
An example of an AI chatbot conversation about reporting losses on taxes.
How do I report losses on my taxes?
You can report losses on your taxes by using Schedule D for capital losses or Form 4797 for business losses.
What if my losses exceed my gains?
If your losses exceed your gains, you can use the excess to offset other income, up to $3,000 per year.
Are there any special rules for real estate losses?
Yes, real estate losses can be subject to passive activity loss rules, which may limit your ability to deduct them.
How do I carry forward unused losses to future years?
You can carry forward unused losses by reporting them on your tax return in the following years until they are fully utilized.
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