Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: TaxService Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Capital Losses Date: 7/27/1999 12:22 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
If I understand correctly, a maximum of $3000 of capital losses can be used to offset ordinary income within any one fiscal year, and further losses can be carried over to subsequent years. I have a gain on the sale of real estate for which taxes cannot be deferred to future years. I also have a few bow-wow stocks I'd like to use to offset the tax liability. Does the $3000 limit for losses apply only to stocks, or is that total capital losses? For instance, could one offset a $10,000 capital gain on property with a $10,000 loss on stock?

If you are talking about a loss on a business property, yes, such losses may be used to offset gains on the sale of other assets. If you are talking about a personal residence, losses are not deductible. However, if you are talking about a personal residence, gains are no longer deferred. The first $250,000 ($500,000 if married filing jointly) of gains is not taxable.

"Jack"
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.
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