Say if I've held onto a stock for a few years, and I've lost 80k on the stock, if I sell it before the end of this financial year, does that mean I will get the full 80k taken off my taxable income?
And Say if I earn 90k, and they deduct 80k, meaning my taxable income is 10k, does that mean I would come under the tax free fresh hold and pay no tax?
Could someone please explain how this works? I'm sitting on a 80k loss and would like to sell it before the end of the financial year to cut my losses and would like to know how capital loss offsets work.
