The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Capital Gain/Loss||Date: 9/18/1998 8:13 PM|
|Author: TMFTaxes||Number: 5390 of 121599|
[[Is there a $3K loss limit each tax year.]]
Yup. Every year that you have net capital losses.
[[ What if you took a captial gain of 50K in June reinvested in
July and got out in August with a $75K Loss. Can I claim a 25K capital loss?]]
I'm not sure that I understand your question. Are you telling me that your first investment turned a $50k profit, and your second investment turned a $75k loss? If that is the case, (assuming these are your only two transactions for the year), you would have a $3k capital loss deduction to offset other income for 1998, and the remaining $22k loss would be carried over to 1999 to be netted out agains 1999 capital gains.
[[ Another questions is
where can I find on the internet what a certain stock closed at. I
know I can look at a chart, but I need to get the exact dollar and cent amount, which would be
benificial to me. Thanks in advance!]]
Again, I'm not sure that I understand your question. There have been a number of links provided here for current and historical quotes. Heck, the Fool has a quote machine right here in Fooldome. I'm not aware of any other links. Perhaps some other Fools could help out.
But remember that the quotes that you get are the closing transaction. Depending upon if it was a buy or sell transaction, the closing price may not reflect the actual bid or ask price. I'm not sure what you need the "exact" information for, but you might want to be aware that the "closing" price may bear no resemblence to what you may be able to buy or sell that stock for when the market reopens.
SPECIAL NOTE: Remember that this response is not the "last word" on your situation. It is really only a starting point. Make sure to review the "Read This First" post
(http://www.fool.com/School/Taxes/TaxesDisclaimer.htm) for additional information. In addition, many of your questions may already be referenced in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's Money area (http://www.fool.com/money.htm) and check out "Tax FAQs" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov).
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