can i get a tax refund for selling stocks at a loss or is that in?

Question

another category of taxes? thanx.:| i sold some stocks last year (2006) and will declare it as a loss when filing my 2006 taxes this year(2007).

Answer 1

You don't need to itemize in order to receive the benefit from a loss.

Capital gains and losses go on the Schedule D. The net gain or loss is then carried over to the front page of the 1040. You can only take a loss of $3,000 per year, so if you have more than that, you will be able to take the rest of it in future years.

Answer 2

R Worth is right. You may be able to deduct the loss. You need to fill out a Schedule D. Yo may not claim more than $3,000 in a given year.

You do not get a refund for it, however. But it might help increase your refund (or it reduces what you owe).

Don't forget that you may be able to write off expenses assocated with buy and selling the stock (if you itemize).

Answer 3

capital losses on securities are allowed. whether or not you will get a refund will depend on your income. when claiming capital losses they may offset capital gains and qualified dividends as well as ordinary income. but if you have no tax liability for a tax year and have a capital loss in the same year you will not receive a tax refund in that tax year(in this case you must have had a tax liability before any capital losses are included). if you have no tax liability for the period in question you may carry that capital loss forward to next year and in certain cases may be able to carry it back to the previous year return. subject to irs limitations of 3000.00 or 1500.00 if married filing separately

Answer 4

You will fill out a Schedule D to claim the loss with a limitation of up to $3000 per year, the rest can be carried forward to subsequent years.

Whether this helps you gain a refund is something I can not answer with out more information. The loss will lower your taxable income and can help you in lowering your taxable liability so in that sense it will help.

Answer 5

Whether you get a refund depends on lots of factors - income, withholding, deductions, filing status, exemptions, etc... A capital loss is only one small part of the picture

Don't listen to "Mark B." He doesn't know what he's talking about.

Answer 6

I have been told that you can only deduct your losses against gains made from selling stocks. And, even then, only up to a certain amount per year. Otherwise the balance of the loss just keeps on carrying over to the next year until you have enough taxable stock earnings to offset the deduction. Obviously you need an accountant to verify this and get the exact figures from but for estimating purposes, that's how you should view it.

Answer 7

You can use the loss to offset paying taxes on any money you made from stock.

Or like the others said, you can use it as a itemized deduction but the deduction is crap because mine was like... only 15 cents gained for every dollar lost selling stocks.

If your itemized deductions aren't greater than $3,000... it's not even important. lol You'd be better off just taking the $3,000 deduction instead of using your stocks.

Answer 8

in case you have already paid taxes on the money in on your inventory sale, or for the different reason, you will get a reimbursement of that quantity based on your guidance. Your income is purely too low for income tax, yet you need to document a tax return considering you have an ongoing corporation, and you opt to checklist your capital beneficial properties wisely.

Answer 9

A refund for selling a stock at a loss? I doubt it.

Answer 10

Capital loss from selling stocks is deductible if you itemize.