I reported 22 thousand in losses, but it didn't change the fact that I still owe 702 dollars. Did I do something wrong or are they non-deductable anymore.
another possibility - I was carrying over from last year some losses and didn't get to deduct further. I'm using the same software (on-line) so it might have done that automatically. Does that sound possible?
no matter how great your losses are you are able to take only $3000 a year until they are exhausted, or luckily future years you make money and wipe out the losses
if you owed money you more than likely had a good income and not enough deductions to reduce it
you accumulate your losses and take the $3000 each year, yes, most programs will have that information that is carried forward if you continue to use the same program
You can only deduct $3000 of your capital losses per year against your taxable income - meaning that you still had income to tax and thus owed $702 on that income.