The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Capital loss utilization||Date: 12/26/2004 12:59 PM|
|Author: JanSz||Number: 74931 of 121222|
There are only 5 trading days left in 2004.
I have just realized that while I have made nice gains YTD
in my 2004 tax return I will have large (150k) short term capital loses.
Thank you Stocks Superstars AAII, selling losers keeping gainers.
Half of my net worth is in 2 traditional IRA's, DW's and mine;
the other half is in taxable account.
64yo, retired, SS, pension no other income
Reside in New Jersey.
Using 2003TurboTax program I am estimating $300 federal tax payment and 1k state tax refund.
Not sure of the tax changes for 2004.
How best to utilize my huge capital loses?
At the 3k /year it will take lifetime to write it off.
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