Sunday’s= Personal Tax
Capital losses can only be deducted from capital gains for tax purposes. This fact comes as a surprise to many of my clients.
By now you may know if you have any capital gains to report in 2017. If this is the case then you might want to review your investment portfolio and see if there are any investments that you should sell, which would create a capital loss.
This capital loss would reduce the amount of tax that you have to pay on the capital gains you already have.
I generally do not recommend that you do anything just for tax purposes, so don’t sell investments just to get the loss. You should look for investments that are not performing well and that you would consider selling to improve your portfolio.
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