His Wife Had $60,000 of Capital Losses Saved Up to Offset Future Gains. When She Dies, Only the Part Used on Their Final Joint Return Survives

His Wife Had $60,000 of Capital Losses Saved Up to Offset Future Gains. When She Dies, Only the Part Used on Their Final Joint Return Survives

Most widowers assume a late spouse's accumulated capital losses simply transfer over, but the IRS has a quiet rule that can wipe out tens of thousands of dollars in tax savings unless very specific action happens before December 31.