12 Sep Capital gains and the Senior Freeze

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?
— Senior

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.

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