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Author
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Topic: capital gains tax question
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sigtauenus
Gearhead Posts: 2219
From: Va Beach
Registered: Jun 2000
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posted 03-07-2005 05:20 PM
   
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
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SteveLaRiviere
Administrator Posts: 43152
From: Saco, Maine
Registered: May 99
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posted 03-07-2005 05:24 PM
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
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sigtauenus
Gearhead Posts: 2219
From: Va Beach
Registered: Jun 2000
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posted 03-07-2005 05:37 PM
Well, as a matter of fact, it would be less than a $3000 loss. Cool, I'll have to look into that. Thanks Steve
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lyle29464
Gearhead Posts: 962
From: Mt. Pleasant S.C.
Registered: Mar 2000
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posted 03-07-2005 07:00 PM
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
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