2007-01-26 05:20:13 · 4 answers · asked by jeepers_30907 1 in Business & Finance ➔ Investing
You can use capital losses to offset capital gains. If your losses exceed your gains, you can use the losses to offset a maximum of $3,000 of ordinary income. If your losses are more than $3,000 more than your gains, you can carry the losses over to future years for a maximum of 5 years.
2007-01-26 05:31:46 · answer #1 · answered by howardrourke 3 · 0⤊ 0⤋
If you sell the shares at a loss, the loss is deductible. However, you must differentiate between short-term and long-term losses, and apply them against any gains in each category. When this is done, you may or may not have a net loss. Beyond the offsetting gains, if any, you may deduct up to $3000 of annual losses against "regular" income. Any excess is carried over to future years.
2007-01-26 13:37:11 · answer #2 · answered by jerrold 3 · 0⤊ 0⤋
You can only deduct them against capital gains you have made... and you can only deduct $3000 a year against your gains. For example, if you have $21,000 in losses, it will take you seven years to claim that total. Your tax advisor can give you all the details.
2007-01-26 23:37:11 · answer #3 · answered by Mike S 7 · 0⤊ 0⤋
up to 3K per year per person
2007-01-26 13:28:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋