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Tax Question (Trading Stocks)
Posted on 9/30/13 at 10:13 am
Posted on 9/30/13 at 10:13 am
How does it work for tax purposes if I sell shares that I bought and held for less than a year at a loss? Do I just write off those few hundred bucks as a loss? XOM is killing me.
I know you can write off up to $3,000 a year but I wasn't sure if it's the total portfolio loss or individual stock. Overall I am up for the year.
TIA
I know you can write off up to $3,000 a year but I wasn't sure if it's the total portfolio loss or individual stock. Overall I am up for the year.
TIA
2
Posted on 9/30/13 at 10:17 am to Cousin
Yes, a ST capital loss. You can right off infinity of capital losses against capital gains. However, only $3k of capital losses a year to offset income taxes.
EAT: All assuming this is a non-qualified account of course.
EAT: All assuming this is a non-qualified account of course.
This post was edited on 9/30/13 at 10:21 am
Posted on 9/30/13 at 11:29 am to Cousin
Why not just buy some more? Its not even down that much..
Posted on 9/30/13 at 12:17 pm to Janky
quote:
Yes, a ST capital loss. You can right off infinity of capital losses against capital gains. However, only $3k of capital losses a year to offset income taxes.
It's an interesting question, too - as they are capped against income, but not against gains - how long can an individual roll over losses to offset future capital gains? Is this even possible?
Posted on 9/30/13 at 12:23 pm to Ace Midnight
quote:
how long can an individual roll over losses to offset future capital gains? Is this even possible?
As of right now I think it is FOREVER.
Posted on 9/30/13 at 12:26 pm to Janky
quote:
As of right now I think it is FOREVER.
Makes sense - that is the reason to track your cost basis at least until gain or loss is realized.
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