Stocks losses and gains and tax

[jimmyle]

Hi,

Last year I lost $12K (long term) in the stock market but I can only claim $3K loss. I have gained about $10K (short term) this year. Can I claim the unclaimed $9K loss from last year so that my gain for this year is only $1K?

thanks for your advice.

[DataAgent]

Yes. If you’re using Turbotax, the software will handle this offset for you automatically.

[DataAgent]

Yes. If you’re using Turbotax, the software will handle this offset for you automatically.

[DataAgent]

Yes. If you’re using Turbotax, the software will handle this offset for you automatically.

[DataAgent]

Yes. If you’re using Turbotax, the software will handle this offset for you automatically.

[DataAgent]

Yes. If you’re using Turbotax, the software will handle this offset for you automatically.

[temeculaguy]

This is not meant as an insult but just to be sure we are talking apples to apples, when you say you lost or gained, did you sell the stock or is it just the loss or gain based on current value?

Also, what do you mean by “long term” and “short term.” Why is it that if you lose 12k you can only write off 3k? Is it because you only had 3k in capital gains so you only used a portion of the loss to offset gains or is there another reason?

[temeculaguy]

This is not meant as an insult but just to be sure we are talking apples to apples, when you say you lost or gained, did you sell the stock or is it just the loss or gain based on current value?

Also, what do you mean by “long term” and “short term.” Why is it that if you lose 12k you can only write off 3k? Is it because you only had 3k in capital gains so you only used a portion of the loss to offset gains or is there another reason?

[temeculaguy]

This is not meant as an insult but just to be sure we are talking apples to apples, when you say you lost or gained, did you sell the stock or is it just the loss or gain based on current value?

Also, what do you mean by “long term” and “short term.” Why is it that if you lose 12k you can only write off 3k? Is it because you only had 3k in capital gains so you only used a portion of the loss to offset gains or is there another reason?

[temeculaguy]

This is not meant as an insult but just to be sure we are talking apples to apples, when you say you lost or gained, did you sell the stock or is it just the loss or gain based on current value?

Also, what do you mean by “long term” and “short term.” Why is it that if you lose 12k you can only write off 3k? Is it because you only had 3k in capital gains so you only used a portion of the loss to offset gains or is there another reason?

[temeculaguy]

This is not meant as an insult but just to be sure we are talking apples to apples, when you say you lost or gained, did you sell the stock or is it just the loss or gain based on current value?

Also, what do you mean by “long term” and “short term.” Why is it that if you lose 12k you can only write off 3k? Is it because you only had 3k in capital gains so you only used a portion of the loss to offset gains or is there another reason?

[jimmyle]

Yes, I use Turbo Tax. Thanks.

[jimmyle]

Yes, I use Turbo Tax. Thanks.

[jimmyle]

Yes, I use Turbo Tax. Thanks.

[jimmyle]

Yes, I use Turbo Tax. Thanks.

[Author]

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