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by russharv63 on February 15th, 2007

russharv63

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Can you deduct stocks that you sold for a loss from your taxes?

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  • by notquitered on April 1st, 2008

    notquitered

    First you can deduct the loss against any gain meaning if you sold other stocks, bonds or mutual funds where you made a profit, the loss can first be used to reduce that or eliminate if the loss is greater than or erqual to the gain. In addition, you can also reduce another $3,000 of earned income with the loss. So if you had $1,000 of gains (for instance)and $5,000 in loss, the $1,000 gain is zeroed out and now you have $4,000 left in loss. Say you also earned $23,000 at a job. You can use $3,000 of the remaining loss to reduce your earned income by $3,000 and then you carry the leftover $1,000 to the next year.

    Comments

    • I think that 3000 dollar limit is BULL SHIT !!!!! you should be able to take your total loss off your earned income..........IF you made 210,000 profit on stocks, THEY dam sure want you to pay taxes NOW on ALL of it..........IT IS BULL SHIT ,BULL SHIT !!!!!!

      Rick_H2022

      by Rick_H2022 on February 1st, 2011

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