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Say I lost 10k from selling a house 2 years ago on my taxes and make 10k from flipping a house in profit this year. Can I use the loss from 2 years ago to set off the gain this year to make it a total of 0 tax owed?
Thanks!
JimYes you keep carrying the capital losses until it gets offset by capital gains or used to partially reduce taxable income each year.
DonYou didnt take that loss 2 years ago? I doubt you can take a loss from 2 years ago. Check with a local tax pro.
Amy DIn Canada you can.
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