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Parent's capital loss to offset my capital gain?

Can I use a family member's capital loss to offset my capital gains?

Due to stock market investment losses, my parent currently has a capital loss carryover of approximately $1 million.  On the other hand I currently own stock with an unrealized stock market gain of approximately $300,000.  If I gifted that stock to my parent, would he then be able to sell that gifted stock and use his $1 million capital loss to completely offset the capital gain from the sale and subsequently not pay any capital gains taxes on it?


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