| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 230.1 | Up to $3000 loss in any one year | DABEAN::NEARY | Bob Neary | Mon Jun 29 1992 11:27 | 11 |
| You can use any loss to offset any gain.
Above and beyond that, you can deduct up to $3000 more of loss in any one
year. On any loss larger than $3000 , you can deduct $3000 this year and
carry the rest forward to next year. Then same thing again.
So if you had $15,000 gain in other stocks,etc. this year then sold stock
for $19,000 loss you would:
Use the $19,000 loss to offset all of the $15,000 gain (no net gain), then
also deduct $3000 from your taxable income.
The remaining $1000 you could deduct on next year's taxes.
|
| 230.2 | and at the state level, ... ? | BUNDY::LONG | | Tue Jun 30 1992 18:35 | 8 |
|
Can we extend this topic a bit? What do various states do? I'm in Mass.,
and my very limited understanding is that the "loss limit" is only $1000
per year. Tax loss carryover is allowed. Is this correct?
What do other states do? (If in fact they even tax capital gains ...)
|
| 230.3 | In New Jersey... | UNXA::ADLER | Rich or poor, it's nice to have $$$ | Tue Jun 30 1992 18:52 | 4 |
| ... capital losses offset gains; net loss equals zero. Capital gains
added to income and taxed at whatever marginal rate applies.
/Ed
|
| 230.4 | Follow up question Irs rules | GRANMA::JBATISTA | | Tue Jun 30 1992 20:59 | 12 |
| In regrading to the Irs rules, what happens if you have a $2000 loss
with no gains to off that loss for that year. Can I take the loss
against my earnings for that year
example: lets say I made 40k experienced a 2k loss in a sale of stock
can I use the 2k loss to offset my 40k salary and thus reducing my
taxable income to 38K and be tax on the 38k (assuming these are the
only 2 transactions on my return)/
Thanks
/Joe B.
|
| 230.5 | Always offsets gains, IRS, up to 3K of salary | VINO::FLEMMING | Have XDELTA, will travel | Wed Jul 01 1992 05:53 | 6 |
| Re .3,.4
With the IRS, up to 3K of capital loss can be taken against earnings
whether you have any capital gains or not (as stated in .1). The Mass
law is the same as the NJ law (as explained in .2).
|
| 230.6 | Massachusetts capital loss rules | VSSCAD::SIGEL | | Fri Jul 03 1992 12:02 | 14 |
| Re .2
> Can we extend this topic a bit? What do various states do? I'm in Mass.,
> and my very limited understanding is that the "loss limit" is only $1000
> per year. Tax loss carryover is allowed. Is this correct?
The Massachusetts rules allow up to $1000.00 of captial losses to be used to
offset dividends and interest only. You cannot use capital losses to offset
wages and the like. Loss carryovers can be carried, if not used, for up to nine
years. The tax rate for capital gains, interest, and dividends is 12% (any
long-term capital gains left at the end of calculations are cut in half before
applying the 12%, so short- and long-term still means something in this state).
-- Andrew
|