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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2995
Experience:  IRS licensed Enrolled Agent and tax instructor
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I have an stock investment (100 shares )I have had greater

Customer Question

I have an stock investment (100 shares )I have had greater than a year. I've very poor results. I've lost nearly $8000.00 of my orignal investment. If I'm correct I believe The max capital gain loss I on my federal income tax is $3000.00. To claim I must sell and not hold the stock for 31 days. Can I sell 3/8 of my 100 shares (40) to claim the $3000 loss.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, you are correct, there's a $3000 limit on capital gains deduction. You have couple of options. You can sell it all, claim $3000 deduction on your 2015 and carryforward the loss to 2016 and/or 2017 or you can only sell the maximum you can currently deduct. Or, if you have a stock or mutual fund that you would sell with a gain, you can use the losses to offset the gains.

For instance you have stock A that has 5K gain and than you have stock B that is loosing 8K, if you sell them both in the same year, you could eliminate your 5K gain and still claim 3K in the current year.

Let me know if you have any questions.