The stocks I have in 1999 lost value and end up selling the remaining in 2006. Can I claim this on my return

Question

It end up in 2006 where I sold the remaining value of my stocks. Can I claim this as a lost on my tax return?

Answer 1

Yes. Sales, whether with a gain or loss, are reported on schedule D - then follow the instructions on the schedule. Up to $3000 of a net loss can be deducted from ordinary income for the year. If your net loss is greater than that, you can carry over the rest to subsequent years.

Answer 2

File Schedule D to calculate your gain or loss on the sales. You may claim up to $3,000 in net capital losses on your return. Anything above that must be carried forward to next year.

Answer 3

the U. S. Treasury gained GM inventory in replace for funds. If the inventory reaches $fifty 5/share, then the taxpayers ruin even. despite the fact that, GM inventory is been declining for the previous 20 months and is now all the way down to $21/share, so as that "investment" is initiating to look like yet another bailout. GM will in all hazard be lower back in financial disaster court docket lower back in the subsequent year or 2.

Answer 4

Yes, this is a capital loss, filed on Schedule D. You need the original price you paid, and what you got for them.

Capital losses can be used to offset other capital gains. Losses in excesses of gains can be used to offset ordinary income, up to $3,000 per year. You can carry this over to following years to offset other capital gains or another $3,000 next year.

Answer 5

You can claim the loss. I assume, of course you are filing a 1040.

Answer 6

i believe you have to report it but if you want to be sure go to www.taxact.com i used this free service to do my taxes and it caught alot of things i would have missed...you can go thru the whole thing and still not file with them if you want...check it out...