O/T Capital Gains Losses/Taxes

[josh6718]

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Was hoping someone with a little more expertise might be able to clarify this:

Say you have $0 in capital gains and $3000 in long-term capital gains loss for 2018.

If you are not itemizing and simply taking the standard deduction, are you able to deduct this from your taxable income (similar to above the line deductions) or can this only be used to offset any capital gains that had been made?

 

[Momus]

Correct, you can deduct it against your ordinary income: wage/interest to reduce taxable income. Max deduction 3k/yr. If you have more than 3k loss, the rest carry over for next yr.

Doesn't matter if you are taking standard deduction or itemizing.

If you are married or single, max is also 3k/household.