If you invest 35K in a business, the business goes under and you take a total loss, when you claim it on your taxes, about how much of it will you get back?
2007-04-04 12:03:41 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I believe i'm in the 15% tax bracket
2007-04-04 12:15:54 · update #1
That depends upon your tax bracket. Anything from 0% to 35%.
You're limited to $3,000 in net capital losses against other income in any one year. You'll have to carry the balance over to future years. If you're in a 15% bracket, the benefit for this year will be $450.
2007-04-04 12:08:38 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Check with your tax attorney. He'll have the legal know how. He'll also help you from having an IRS audit. Yes, you'll have to shell out a couple of bucks, in the long run it'll be worth it.
2007-04-04 19:12:14 · answer #2 · answered by Dartanion 3 · 0⤊ 2⤋
you have more or less answered your own question,, if you are in the 15% tax bracket, what is .15X35000??
or 15% of 35000
2007-04-04 19:18:13 · answer #3 · answered by Jeff 3 · 0⤊ 1⤋