Capital Gains and Losses

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Related Capital Gains and Losses Questions
In schedule C line 36, "purchases less cost of items
in schedule C line 36, "purchases less cost of items withdrawn for personal use" means what? purchases minus cost of items withdrawn for personal use, or cost of items withdrawn for personal use minus… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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I am using turbo tax. In 2015 tax year I had a stock loss. I
I am using turbo tax. In 2015 tax year I had a stock loss. I used the 3000 deduction but did not carry over the balance to the 2016 tax year. I had a loss that year and took the deduction of 3000 doll… read more
Carter McBride
Carter McBride
LLM
3,295 satisfied customers
I have stock dividend income,+ an LT gain, A ST huge loss
I have stock dividend income,+ an LT gain, A ST huge loss for a net overall loss. The dividend income is less than the margin interest. 1 ) Can I deduct the margin interest from dividend income for MA… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,992 satisfied customers
If i sell a stock now, and realize a term loss, (and i do
if i sell a stock now, and realize a long term loss, (and i do not have other capital gain or loss), does this reduce my overall income and makes me net operating loss if the negative amount from this… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
18,239 satisfied customers
Many years ago (15?) I lost about 40K in stock trades. Soon
Many years ago (15?) I lost about 40K in stock trades. Soon after my income shifted and I had no capital gains to offset this loss. The carryover helped at times, but last filing (2016) I still had mo… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
18,239 satisfied customers
I had purchased a stock last year, which is now at a loss.
I had purchased a stock last year, which is now at a loss. If I sell it now at a loss, and that negative amount is more than my income for the year, then what happens? Is it something called net opera… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
923 satisfied customers
Do I HAVE to use a carryover loss 465(d) from prior year if
Do I HAVE to use a carryover loss 465(d) from prior year if it does not benefit me? Everything I have read says the loss "can be" or "may be" used in a future year. Is there an IRS code that says a ca… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,799 satisfied customers
I have a question about capital loss rollover I basically
I have a question about capital loss rollover I basically lost about $40,000 messing around with penny stocks in an 18 month period. My situation is this... TAX YEAR CAPITAL GAIN/LOSS CLAIMED LOSS on … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,262 satisfied customers
In 2014, I had a net short term capital loss of approx.
In 2014, I had a net short term capital loss of approx. $54,000, line 7 of my schedule D. In 2015 I had did not buy nor sell any stocks and had no gains nor losses. Can I still carryover my loss and c… read more
Tax.appeal.168
Tax.appeal.168
Principal
6,598 satisfied customers
This question is, tax advisor. My daughter who is 22 has
This question is for Lev, tax advisor. My daughter who is 22 has about $500 earned income, $4000 dividend income. I have substantial earned income and substantial dividend income. I plan to declare $3… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,992 satisfied customers
In Maryland, USA, you can file a single owner LLC tax return
In Maryland, USA, you can file a single owner LLC tax return along with a personal return. For individuals, the limit on capital gains loss is 3K. Is there a separate limit for businesses who, I'm sur… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,799 satisfied customers
I live in California. We file a joint return. My wife has
I live in California. We file a joint return. My wife has considerable capital gain to report. I have been sitting on about $165K of capital loss if I sell a worthless stock (TSTC), and I have been si… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
265 satisfied customers
A simple question. My son makes a salary of about 60K per
A simple question. My son makes a salary of about 60K per year. He now has about 4k in short term stock losses. If he sells those stocks now (and takes the short term loss) will that offset some of hi… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
I wish to sell some stock that has accumulated over the years
I wish to sell some stock that has accumulated over the years with reinvestment. Am I limited to the $3,000 yearly write off of previous losses, or may I offset the gains dollar for dollar against tha… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
77 satisfied customers
Hi. I miscalculated my capital loss on my 2008 taxes, and didnt
Hi. I miscalculated my capital loss on my 2008 taxes, and didn't claim about $12000 additional capital loss. Since then, I have taken the $3000 loss deduction each year. In 2010, I was contacted the b… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
Had a capital loss on sale of stock in 2009 of 14,000, took
Had a capital loss on sale of stock in 2009 of 14,000, took max allowed of $3000. but, forgot to take a $3000. loss carryover in 2010 & 2011. What can I take doe 2012 and beyond and what form do I fil… read more
Tax.appeal.168
Tax.appeal.168
Principal
6,598 satisfied customers
Hello, I had bought a stock in 2009. I paid totally $4500
Hello, I had bought a stock in 2009. I paid totally $4500 in that year. Then the stock went down and finally bankrupt. It went bankrupt in 2011 i believe, i am not sure. I didnt do anything else on it… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
265 satisfied customers
Hello. My father forgot to use his capital loss carry forward
Hello. My father forgot to use his capital loss carry forward of $50,000 for five years (2005-2009). Fortunately he didn't have any gains during those five years which could have been offset by the lo… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
77 satisfied customers
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Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

265 satisfied customers

Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

77 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

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Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

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