Another thing you should know is that you don't need to use up your entire capital loss for the tax year in which you take it. Say you take a $6,000 loss this year, but you only have $2,000 in capital gains to negate. But if you're sitting on losing stocks with a negative outlook, then unloading them before the end of the year could make a lot of sense, especially if you already know you'll have capital gains to declare for 2020. So weigh your options and, if you're going to need to book those losses, move quickly. You only have one more week to change your 2020 capital gains tax situation for the better.

Source: Daily Sun December 24, 2020 11:15 UTC