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Financial Planning / Tax Strategies


Subject:  Re: Capital Loss Deduction and Strategy? Date:  4/18/2000  11:57 AM
Author:  IreneRose Number:  34695 of 127512

Angelbuggy said, "However, you can actually deduct much larger losses as long as you have capital gains to offset them. It's only the NET capital loss that can't be deducted in one year if it exceeds $3,000"

I've been trying to find the answer on both the TMF and the IRS website that you just gave. The 3K loss limitation against ordinary is very clear everywhere, but can you deduct ALL short term losses as long as you have short term gains to cover them? This is the part that doesn't seem to be answered too clearly anywhere. For example, if I have $7000 in short term gain, can I offset $5000 in short term loss against it?

I'd really appreciate any info you can give me, or if you can direct me to where this is stated coherently on the IRS website (Duh, did I just ask for coherence from the IRS? :-)

Thanks.... Irene Rose
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