Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: phooley Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121340  
Subject: Re: Loss Date: 11/19/1999 9:20 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
I sold stock for a gain of about 10K this year and transfered about 7K in IRAS to a ROTH so I am going to get hit hard..I have sold stock for about 3K so far and could sell more, but..

Is the rule on selling for a loss that you can deduct 3K from ordinary income and also as much as you need to offset your captial gains or is it just 3k total per year??


I think the answer will count as "good news", even though you have part of the "rule" backwards...

Look at Schedule D.

First, you use your capital losses to offset your capital gains. If you have more losses left over, you can reduce your taxable income for the year by the remaining balance, up to $3,000. Any amount (of losses) still remaining can be carried over to future years.

Good luck figuring out what losses to take! And if you are thinking about buying back into some of your positions, remember about the rule on wash sales.

Hope this helps!
Ron
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Apple

Wal-Mart Nixes Apple Pay
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement