I purchased a stock in 2006 and sold it in early 2007 for a loss. Can I report this loss on my 2006 taxes?
2007-04-14 07:30:12 · 4 answers · asked by S in Texas 2 in Business & Finance ➔ Taxes ➔ United States
No. Individuals are cash basis taxpayers. The loss would be recognized in 2007. Consult your tax advisor.
2007-04-14 07:35:58 · answer #1 · answered by wcfever10 2 · 0⤊ 0⤋
No you can't. The sale took place in the tax year 2007 so that is when you can claim the loss.
2007-04-14 07:38:04 · answer #2 · answered by imapoor1 1 · 0⤊ 0⤋
You can quite often get ready your 2007 go back with out your 2006 go back helpful however it may well simplify matters relatively somewhat. If you should not have your 2006 go back helpful you'll have disorders e-submitting your go back. Also, for those who itemized final yr and took a deduction for State Income taxes paid AND for those who acquired a State refund, that refund should be incorporated to your revenue for 2007 for your Federal go back. You will have to have obtained a Form 1099-G out of your State with that quantity on it however for those who did not you'll be able to have to understand how so much that used to be.
2016-09-05 13:09:55 · answer #3 · answered by cherida 4 · 0⤊ 0⤋
No, you take the loss in the year of the sale.
2007-04-14 08:32:25 · answer #4 · answered by Judy 7 · 0⤊ 0⤋