Capital Gains and Losses

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How can I use my $ 512,000 Capital gain Lost. How can I use…

How can I use...

How can I use my $ 512,000 Capital gain Lost

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How can I use my $ 512,000 capital gains Loss

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Answered in 1 minute by:
3/8/2018
emc011075
emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 3,893
Experience: Master Tax Adviser and Enrolled Agent
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Hi. My name is ***** ***** I will be happy to help you.

What is the loss from?

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Customer reply replied 4 months ago
The person that we sold are Convenient Store to never paid us. They filed for Bankruptcy, and the Case was Dismissed. Don

So was it an installment sale?

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Unless some of it could be classified as sale of a business property, you are stuck with capital losses. Capital losses can only offset other capital gains and you can claim up to 3K loss every year.

I would suggest to consult a tax accountant, provide him with your prior years business returns, including carryovers and sales contract if he/she could somehow reclassify the loses business loses, instead of capital losses. Generally, if you sell a business with a loss, most losses could be deducted in the current year.

emc011075
emc011075, Master Tax Adviser
Category: Capital Gains and Losses
Satisfied Customers: 3,893
Experience: Master Tax Adviser and Enrolled Agent
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