Deceased Spouse’s Carryforward Capital Losses

Question: My now deceased spouse owned several investments that were sold during the year prior to her passing at substantial capital losses. Can those carryforward capital losses be applied to my tax return or are they lost? Answer: If we reference private letter ruling (PLR) 8510053, Revenue Ruling 74-175, and Regulation 1.1212-1(c), a capital loss […]

How Can We Pay No Capital Gains Tax?

Question: I’m 52 years old and my spouse is 42 and we have $100,000 in annual income. We have a $120,000 in publicly traded stock that we would like to sell that have been held over 1 year. If we sold it all today, our capital gain would be $96,000. If they maxed out their […]