'I have enough in retirement funds --- over $500,000 --- to be very conservative now in my investments, without the potential of principal loss.'
I am 76 and have more than $200,000 in capital losses, which are mostly from inherited stock in a company that went bankrupt years ago. I will never be able to use up the capital losses during my retired lifetime, and will only be able to apply $3,000 per year on my taxes.
Capital losses offset capital gains and after that, taxpayers can deduct up to $3,000 in losses exceeding their gains. The remaining losses get carried forward to future tax years. The interest income from Treasury bills, notes and bonds are also subject to federal income taxes, but exempted from state and local income taxes, the IRS notes. If you sell bonds ahead of maturity for a profit, there’s a capital gain. Sell ahead of maturity at a loss and there’s a capital loss. The interest income from high yield savings accounts and CDs also count as ordinary income in the view of the taxman.
I don’t know if you own your home and if you are mulling a move. Still, the IRS says when you sell the home you live in, the first $250,000 in profits are exempted from capital gains. For a married couple, capital gains taxes apply after the first $500,000 in profits. Large swathes of the 2017 Tax Cuts and Jobs Act are due to expire at the end of 2025, including rate reductions for five of the seven income-tax brackets, and a nearly doubled standard deduction. So expect more bills to be introduced in Congress to address the mountain of expiring tax rules.
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