Do I Have to Pay Illinois Capital Gains Tax?
Netting gains and losses offsets capital gains with capital losses to determine your net taxable amount for the year. IRC Section 1211 allows individuals to offset gains with losses, up to $3,000 annually. For example, if you realize $10,000 in gains and $7,000 in losses, your net gain is $3,000. Determining Basis Adjustments may include…