Stocks losses and gains and tax

[jimmyle]

Yes, I use Turbo Tax. Thanks.

[DataAgent]

[quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.

[DataAgent]

[quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.

[DataAgent]

[quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.

[DataAgent]

[quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.

[DataAgent]

[quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.

[(former)FormerSanDiegan]

[quote=DataAgent][quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.[/quote]

This needs to be clarified … You can count any amount of loss against capital gains for investments sold. The 3000 limit is the excess loss that you can apply against ordinary income.

You first deduct your losses against any capital gains. Then up to 3K of additional losses can be deducted against ordinary income, with the rest carried over to the next year.

If you have 9K or more in capital gains in 2009 and you had 9K in carryover losses in 2008, you can use the entire loss for 2009

[(former)FormerSanDiegan]

[quote=DataAgent][quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.[/quote]

This needs to be clarified … You can count any amount of loss against capital gains for investments sold. The 3000 limit is the excess loss that you can apply against ordinary income.

You first deduct your losses against any capital gains. Then up to 3K of additional losses can be deducted against ordinary income, with the rest carried over to the next year.

If you have 9K or more in capital gains in 2009 and you had 9K in carryover losses in 2008, you can use the entire loss for 2009

[(former)FormerSanDiegan]

[quote=DataAgent][quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.[/quote]

This needs to be clarified … You can count any amount of loss against capital gains for investments sold. The 3000 limit is the excess loss that you can apply against ordinary income.

You first deduct your losses against any capital gains. Then up to 3K of additional losses can be deducted against ordinary income, with the rest carried over to the next year.

If you have 9K or more in capital gains in 2009 and you had 9K in carryover losses in 2008, you can use the entire loss for 2009

[(former)FormerSanDiegan]

[quote=DataAgent][quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.[/quote]

This needs to be clarified … You can count any amount of loss against capital gains for investments sold. The 3000 limit is the excess loss that you can apply against ordinary income.

You first deduct your losses against any capital gains. Then up to 3K of additional losses can be deducted against ordinary income, with the rest carried over to the next year.

If you have 9K or more in capital gains in 2009 and you had 9K in carryover losses in 2008, you can use the entire loss for 2009

[(former)FormerSanDiegan]

[quote=DataAgent][quote=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?[/quote]

The IRS allows an individual to deduct a maximum of $3000 in actual stock market losses per year. Losses greater than $3000 can be used in future years.[/quote]

This needs to be clarified … You can count any amount of loss against capital gains for investments sold. The 3000 limit is the excess loss that you can apply against ordinary income.

You first deduct your losses against any capital gains. Then up to 3K of additional losses can be deducted against ordinary income, with the rest carried over to the next year.

If you have 9K or more in capital gains in 2009 and you had 9K in carryover losses in 2008, you can use the entire loss for 2009

[jimmyle]

yes, i sold my stocks in 2008 after owning them for more than one year and lost $12K. Then I bought some stocks in June and just sold them for a $10K profit hence short term gain.

[jimmyle]

yes, i sold my stocks in 2008 after owning them for more than one year and lost $12K. Then I bought some stocks in June and just sold them for a $10K profit hence short term gain.

[jimmyle]

yes, i sold my stocks in 2008 after owning them for more than one year and lost $12K. Then I bought some stocks in June and just sold them for a $10K profit hence short term gain.

[jimmyle]

yes, i sold my stocks in 2008 after owning them for more than one year and lost $12K. Then I bought some stocks in June and just sold them for a $10K profit hence short term gain.

[Author]

Posts