When Congress passed the Tax Cuts and Jobs Act (TCJA) back in 2018, it reduced your ability to make use of your tax losses.
Due to COVID-19, Congress retroactively suspended these changes for tax years 2018, 2019, and 2020.
But now it is 2021, and the reprieve is over: we are back to the TCJA rules that’ll hit your wallet if you have a tax loss.
We’ll explain the rules that apply to your tax losses starting in tax year 2021 and how you can get immediate value from them—yes, there are still ways to do that! ... Log in to view full article.