Q. Regarding capital gains on PTR-1 for the Senior Freeze, can I subtract my capital loss on one stock trade from the gain I made on another?
A. We’ve got the scoop for you.
First, let’s go over the two forms seniors need to be aware of for the Senior Freeze.
The first, PTR-1, is for those who are filing for the Senior Freeze for the first time.
The second is PTR-2, which is a personalized application that will be mailed to those who were eligible for the program the year before.
In the instructions for the form, it says: “If you have a loss in one category of income, you can apply it against income in the same category. However, if you have a net loss in one category of income, you cannot apply it against income or gains in a different category.”
Consider speaking to your tax preparer for more advice on your specific situation.
Email your questions to moc.p1548250316leHye1548250316noMJN1548250316@ksA1548250316.