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Is it a capital gain credit? One with $3000/year deduction cap? If so, it can take a couple life times to fully redeem the prepaid tax credit.
by trungonnews 10y ago
Is it a capital gain credit? One with $3000/year deduction cap? If so, it can take a couple life times to fully redeem the prepaid tax credit.
- deleted 10y ago[deleted]
- deleted 10y ago[deleted]
- harryh 10y agoYes it's a capital loss. Which means you can use it to offset an unlimited amount of capital gains, but only 3k of ordinary income. So how long it takes to redeem could be a long time if you never incur capital gains.