How does the 3K capital loss tax deduction work? via /r/wallstreetbets #stocks #wallstreetbets #investing


How does the 3K capital loss tax deduction work?

Basically a buddy of mine lost 5500. it’s really getting to him. He's trying to work to recoup that money but I want to know if he can write off 3K in taxes? He does Uber eats and he can use mileage to deduct from his taxes. So let's say he only has to pay 4k in taxes but he lost 3K. Does he only have to pay 1k? Also what if he drove enough to deduct the whole 4k? Does he get a refund? I know you guys aren't tax experts but I'm asking people who did the deduction before and how it went

Submitted August 06, 2022 at 06:34AM by No_Royal3283
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