If I have a financial loss rolling over each year on my private taxes can I use a large financial gain to off set it? › Forums › The Savings Spot This topic is empty. Viewing 4 posts - 1 through 4 (of 4 total) Author Posts September 21, 2023 at 7:24 pm #89598 Reply USER 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! September 21, 2023 at 7:24 pm #89599 Reply Jim Yes you keep carrying the capital losses until it gets offset by capital gains or used to partially reduce taxable income each year. September 21, 2023 at 7:25 pm #89600 Reply Don You didnt take that loss 2 years ago? I doubt you can take a loss from 2 years ago. Check with a local tax pro. September 21, 2023 at 7:25 pm #89601 Reply Amy D In Canada you can. Author Posts Viewing 4 posts - 1 through 4 (of 4 total) Reply To: Reply #89599 in If I have a financial loss rolling over each year on my private taxes can I use a large financial gain to off set it? Your information: Name (required): Mail (will not be published) (required): Website: Submit Spread the love