Capital loss filing

[BigHenry]

So I can only claim $3000 on my taxes for losses? and the rest carries over to the next years? Is this correct? I can not somehow claim all losses?

[Grizzums]

Originally Posted by lvfjmbusa

So I can only claim $3000 on my taxes for losses? and the rest carries over to the next years? Is this correct? I can not somehow claim all losses?

Check with a cpa, but I think its net loss of 3000.
So if you made 10000 for the year and lost 15000 then your net loss is 5000 of which you can claim a loss of 3000.....with the other 2000 carried over to the next year.

Like I said, best to check with cpa for tax questions.

Maybe we have one around the forum here.

Btw - if you are thinking about dumping some positions for a loss understand the wash rule.....you can find out more about it with a few clicks on google.


Good luck.

[BigHenry]

Originally Posted by Grizzums

Check with a cpa, but I think its net loss of 3000.
So if you made 10000 for the year and lost 15000 then your net loss is 5000 of which you can claim a loss of 3000.....with the other 2000 carried over to the next year.

Like I said, best to check with cpa for tax questions.

Maybe we have one around the forum here.

Btw - if you are thinking about dumping some positions for a loss understand the wash rule.....you can find out more about it with a few clicks on google.


Good luck.

I will have to cneck with mine next time we speak. Read into the wash rule. I sold a bunch of loosers with all the drops in the market over the past few months, haven't bought anything identical since then So pretty sure wash rule won't apply to me.

Now the capital loss in your example is if I made 10000 in capital gains or income from job?

[Grizzums]

"Now the capital loss in your example is if I made 10000 in capital gains or income from job?"

Capital Gains - Capital Loss = X (X)

If (X) is more than $3000 then you can only deduct up to that amount ~3000

Not Total Income.

I'm no tax man though.....this is just fwiw.