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Are unrealized foreign exchange gains and losses taxable?

Can I reduce the gains have on MLPs I sold with stock capital losses of prior years?

  • I sold a bunch of Master Limited Partnerships in a taxable account this year due to a possible govt threat to tax MLPs as corporations in the future at some time. That said, I have large capital gains from the sale and possibly some other gains I am not aware of (I am not a tax accountant) due to them being MLPs. Because of the the stock market crash over the past few years, I have a large amount of accumulated capital losses. I believe that about only 3000$ worth of these losses can be used against other gains in any particular year...but does that also include MLPs...which are also a kind of stock? Can I use more than 3000$ of the losses against my MLP gains?

  • Answer:

    The $3000 limit isn't on your carryover loss, it's on NET loss shown on this year's schedule D. NET means after you combine the year's gains and losses.

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I think your determination has to be if they qualify as capital gains and of course, your cap loss carryforward each year is limited to the $3000 per year, regardless of how much loss you incur during the year the gains would definitely reduce the amount of your carryforward

There is no limit on the amount that can be used against capital gains. Only $3000 per year can be used against gains that are not capital gains. So, yes for the "large capital gains" and no for the "some other gains".

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