Brought to you in part by:

Great deals on auto restoration supplies!

.


JC Whitney clearance center!

  Mustangsandmore Forums
  Sam's Place
  capital gains tax question

Post New Topic  Post A Reply
profile | register | preferences | faq | search

next newest topic | next oldest topic
Author Topic:   capital gains tax question
sigtauenus
Gearhead

Posts: 2219
From: Va Beach
Registered: Jun 2000

posted 03-07-2005 05:20 PM     Click Here to See the Profile for sigtauenus   Click Here to Email sigtauenus     Edit/Delete Message   Reply w/Quote
I know, I know, I should be asking a tax professional, but figured somebody on here might know off hand the answer.

I'm about to sell some stock to buy a house, and some of what I'm going to sell will be at a loss. If I have a net loss on my capital gains, can the loss be used to offset earned income (ie, reduce my tax due)? Email me if you are a tax guru and need more [email protected]

TIA,
Sam

IP: Logged

SteveLaRiviere
Administrator

Posts: 43152
From: Saco, Maine
Registered: May 99

posted 03-07-2005 05:24 PM     Click Here to See the Profile for SteveLaRiviere   Click Here to Email SteveLaRiviere     Edit/Delete Message   Reply w/Quote
I'm no expert, but yes, you can offset up to $3000 per year of your gains by your losses and if you have any loss left you can carry them forward into future years.

Don't take my advice as gospel, consult a tax professional, your mileage may vary, not legal in Tennessee {sorry Tennessee!} yadda yadda yadda...

------------------
'70 Mustang Mach 1 351C 4V/FMX/3.25 Open
'70 Mustang Convertible 250 I6/3 speed/2.79 Open
'72 Mustang Sprint Hardtop 351C 4V/FMX/4.30 Trac Loc
'94 F-150 XL 5.8L/E4OD/3.55 Limited Slip

IP: Logged

sigtauenus
Gearhead

Posts: 2219
From: Va Beach
Registered: Jun 2000

posted 03-07-2005 05:37 PM     Click Here to See the Profile for sigtauenus   Click Here to Email sigtauenus     Edit/Delete Message   Reply w/Quote
Well, as a matter of fact, it would be less than a $3000 loss.

Cool, I'll have to look into that.

Thanks Steve

IP: Logged

lyle29464
Gearhead

Posts: 962
From: Mt. Pleasant S.C.
Registered: Mar 2000

posted 03-07-2005 07:00 PM     Click Here to See the Profile for lyle29464   Click Here to Email lyle29464     Edit/Delete Message   Reply w/Quote
Steve is correct. just use a tax program like turbo tax and answer the questions. Your loss on the stock will work it's way through the froms and ofset some of your income. You would have had to sell it durring 2004. If you need help email me on it. [email protected]

The capital gains worksheet is what you need to fill out.

------------------
69 vert warm 429 3:55 9" pl 40's flowmasters 4 disks 15" cragars

IP: Logged

All times are ET (US)

next newest topic | next oldest topic

Administrative Options: Close Topic | Archive/Move | Delete Topic
Post New Topic  Post A Reply
Hop to:

Contact Us | Mustangsandmore Front Page

Copyright 2005, Steve LaRiviere. All Rights Reserved.


Ultimate Bulletin Board 5.47d

Amazon Honor System Click Here to Pay Learn More

[Build a free Mustangsandmore.ws Home Page!]

[Posting Pictures]

[About M&M][Acronyms][Calendar][Chat][Classifieds] [Members' Pics]

[M&M Conventions] [M&M Mug Shots]

[ Mustangsandmore.com Bookstore] [ Smokin' Fords] [Tech Articles]