10 years ago, when I was significantly more naive about finance than I am now, I invested in one of the awful offshore life insurance products sold, looking back, by a pretty obvious conman. I wised up and stopped the payments into it after a couple of years and have just left it there since. Of course there is a huge ~75% withdrawal penalty as the salesperson’s commission is locked into the initial investment but it’s got to the point where I just want to close this and be done with it. An expensive lesson.
Anyway to the question, I have some realized gains in my general trading account from stock sales this year which could more or less offset this loss on the offshore policy. If I cash out the shitty policy for a 75% loss can that loss be applied against the domestic gains?
by Beeboobumfluffy