Comments on: Deducting Capital Losses of Stock

By: Tam

Tam — Tue, 11 Oct 2011 18:33:17 +0000

Question is, can you carryover all of your long term losses to future years when taxes are higher and the 20% LT cap gain limit goes away? I’d rather pay the 20% on gain now if I think that cap gains tax may go up to 25% or higher. I could save my losses for later.

By: Bo

Bo — Sat, 04 Jun 2011 01:19:55 +0000

If I want to carry over a stock transaction that yielded a loss in 2010, do I need to enter that stock transaction in Schedule D of 2010 return? Or can I wait until I file 2011 to file it?

By: Monica

Monica — Tue, 31 May 2011 15:59:10 +0000

yes, I have to amend as per the IRS guy on the phone. Thanks for your quick reply though!

By: Jim

Jim — Tue, 31 May 2011 15:03:19 +0000

I’m not a tax expert but I believe you would have to amend your previous return.

By: Monica

Monica — Tue, 31 May 2011 14:43:05 +0000

I couldn’t find the buy transaction statement and it was not on file with the brokerage. I low balled the estimate of loss (400) but now have found my statement. Could I claim the remaining 2000 on next years taxes or do I have to do an amendment? Thanks.

By: thunderthighs

thunderthighs — Thu, 17 Jun 2010 12:56:10 +0000

Thank you for highlighting capital gains/losses…I’ve been into stocks for a few years but this is still an area where I feel lost!

By: Jesse

Jesse — Tue, 30 Mar 2010 16:16:03 +0000

Question: Worked for Citigroup, had mostly common stock where I had a huge loss (obviously. Wondering if I could use the Long term loss of $3000.00 considering I finally just cashed it out after cutting ties with the company? According to my calculations, I have lost nearly $30,000.00 in commom stock. Unfamiliar with taxes and I will consult with my own advisor but just curious.

Thanks!

By: Eric

Eric — Fri, 19 Feb 2010 19:07:47 +0000

In your example, your 1099 would not show a profit, it would show a $975 loss. (5 X 5 – 1 * 1000) = -975.

By: Kris

Kris — Tue, 09 Feb 2010 04:04:26 +0000

I was doing my taxes on Turbo Tax and I was getting a refund of around 500 something dollars. When I had the software take my 1099s (or whatever they are) from Etrade, my amount refunded dwindled to amount owed of about $3700 roughly – I don’t have exact figures.

The situation is that overall I have short term losses in 2009 in the amount of about $3600. Why is that? From what I gathered, Turbo Tax only received this thing called proceeds from Etrade and did not calculate the cost basis. Is this correct?

My concern is that I don’t believe I owe this unGodly amount of taxes from a portfolio that 95% of it were losses – afterall, the money I put into it was already taxed from my income and I didn’t garner a profit.

Needless-to-say, I refrained from filing my taxes until I see a tax professional because I want these losses itemized to the exact cent.

With that said, I wanted to know that once my losses are noted is the amount owed going to decrease? Will I be able to see a return again this year? This is the first year I invested in stocks and all the previous years I received a refund.

By: Lulu

Lulu — Wed, 03 Feb 2010 17:02:33 +0000

I received a 1099-B with S/Term and L/Term gross proceeds (Box 2) and total loss at the time of sale in 2009. There were zero gains in 2009. The losses are not over $3000. Can I deduct the loss on line 13? Is attachment of the Sched D required? or do I check the box if not required?

By: Jay

Jay — Sat, 30 Jan 2010 20:02:58 +0000

Argh… If I put $1000 in and can only sell for $5 after, how is that a profit? This sucks..

By: Jim

Jim — Sat, 30 Jan 2010 19:56:44 +0000

If your 1099 shows a profit, you have a profit. The forms will reflect the split.

By: Jay

Jay — Sat, 30 Jan 2010 18:58:36 +0000

Back to the reverse split… if I bought 1000 shares at $1 ($1000) and now have 5 shares worth $4 that went up to $5 and I sell, can I claim a $995 loss even though my 1099 now shows a profit?

By: byblos

byblos — Sun, 24 Jan 2010 19:42:00 +0000

I do not get it. You said: “…because long term capital losses will offset long term capital gains first, then short term capital gains”

If this is correct, it would mean that, if there are no long term capital gains, the long term capital losses can be used to offset short term capital gains. Is that what you meant to say?

By: Carol

Carol — Fri, 08 Jan 2010 17:29:17 +0000

I am selling real estate and will have a long term capital gains Will I be able to deduct the entire amount of loss I incurred on the sale of stocks/mutual funds in 2009 or is it a percentage of that amount?