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?

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  • 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.

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