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Use capital losses to offset capital gains

If you have investment assets that have lost value, use these losses to reduce your overall income. Capital losses can be used to offset any capital gains. This is a good time to review your portfolio, and if you have more capital gains than losses, recognize capital losses to offset the excess gains. You can also use up to $3,000 of capital losses in excess of gains to reduce your ordinary income that is taxed. Capital losses in excess of $3,000 can be carried forward indefinitely to future tax years.

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