Want this question answered?
Yes.
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
ANSWER No capital loss can only be used to reduce any capital gain, and even in then there are rules. You can not use capital gain to offset against ordinary income. NB: Personal use capital loss can not be offset against any capital gain, losses on collectibles can only be offset against other collectibles capital gain and all "other" capital loss e.g. dividends, shares, real estate can be offset against "other" capital gain.
A capital gain and a dividend are two different things completely. You can offset a Capital Gain with Capital Losses, but you cannot offset dividends with capital losses. They are different items and are reported on different forms.
Short offset shorts first, then they offset longs. Your better to have them offset short, as short is taxed at ordinary rate and long at special lower rate. A stock sale is a capital gain/loss transaction.
Yes.
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
ANSWER No capital loss can only be used to reduce any capital gain, and even in then there are rules. You can not use capital gain to offset against ordinary income. NB: Personal use capital loss can not be offset against any capital gain, losses on collectibles can only be offset against other collectibles capital gain and all "other" capital loss e.g. dividends, shares, real estate can be offset against "other" capital gain.
A capital gain and a dividend are two different things completely. You can offset a Capital Gain with Capital Losses, but you cannot offset dividends with capital losses. They are different items and are reported on different forms.
Short offset shorts first, then they offset longs. Your better to have them offset short, as short is taxed at ordinary rate and long at special lower rate. A stock sale is a capital gain/loss transaction.
Yes
If you are talking about a Long Term Capital Gain dividend from a mutual fund, the answer is yes.
They would have to pay ordinary income tax on gains from mining. This would not qualify as a capital gain.
Any cancellaton of debt is ordinary income.
The short term capital gain on a stock held for less than one year is the rate you pay on ordinary income.
No. But you can use $3000 of the capital loss to offset current year ordinary income and then carry the rest forward. Be sure to fill out the capital loss carryover worksheet in the Schedule D instructions before you enter a carryover from the previous year. The carryover rules are some of the most confusing for taxpayers and taxpayers cheat themselves out of a lot of carryover. Don't assume you know the right amount to carry over. Use the worksheet.