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I recently sold ESPP shares that I was holding for a company

I used to work for...
I recently sold ESPP shares that I was holding for a company I used to work for. I took a loss on the sale since the stock price was significantly lower than when I purchsed. Will this have a negative impact on me when I file my taxes for 2011 next year?

Thank You,
Sylvia
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Answered in 3 hours by:
2/1/2011
Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 568
Experience: Nine years individual income tax preparation and consulting
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Hello,

 

The sale of stock for a loss will not negatively impact your 2011 taxes. Instead you should benefit. The loss reduces any taxable gains you have from other investments. If you have more losses than gains, you can deduct up to $3,000 against your ordinary income ($1500 if Single), and carryforward any excess to future years.

 

Thank you for your question. Please Reply if I can help you further.

 

Jacy

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Customer reply replied 6 years ago

Thanks for your response! I am currently unemployed and collecting unemployment. If I do not work in 2011 and since I file joint with my husband (he is employed), does the $3,000 get applied to our filing?

 

Sylvia

Hi Sylvia,

 

Yes, if you have net losses of $3,000 or more, you can use it to reduce your taxable income for 2011. You will need to fill out Schedule D with your tax return with the details of the sale.

 

Thank you,

 

Jacy

Jacy
Jacy, Certified Public Accountant (CPA)
Category: Tax
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Experience: Nine years individual income tax preparation and consulting
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