Offset gains with losses; deduct up to $3,000 annually, carrying forward excess losses.
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Yes, losses from investments in non-retirement accounts can be used to offset gains. If your losses exceed gains, you may deduct up to $3,000 per year against other types of income. Any unused losses can be carried forward to future tax years. Keeping detailed records of your transactions will help you maximize this deduction. See the IRS Topic No. 409 - Capital Gains and Losses for further information.