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Yes up to $3000, ask your accoutnat for specific rules, Yes, up to $3000, ask your accountant for specific rules.
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Can a C-corporation use its ordinary loss to offset capital gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
Can you use capital loss to offset dividend income?
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.
Can an individual ordinary loss offset a capital gain?
Yes.
Do you have to pay tax on a capital loss?
No, in fact it reduces any capital loss and even ordinary income (within limits)
Can you take a capital loss on home sale to offset stock gains?
No, not if the home is your personal residence at the time of sale. A loss on a personal residence is not deductible. It cannot be used to offset any type of gains, ordinary or capital in nature.
Can a C corporation use its ordinary loss to offset capital gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
Can a C-corporation use its ordinary loss to offset capital gain?
A c corps capital gain is taxed as ordinary income so why couldn't you use an NOL to offset the gain?
Can you use capital loss to offset dividend income?
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.
Can an individual ordinary loss offset a capital gain?
Yes.
Do you have to pay tax on a capital loss?
No, in fact it reduces any capital loss and even ordinary income (within limits)
Can you take a capital loss on home sale to offset stock gains?
No, not if the home is your personal residence at the time of sale. A loss on a personal residence is not deductible. It cannot be used to offset any type of gains, ordinary or capital in nature.
Write the Exceptions to the general rule that a loss from a source of income under any head can be set off against income from any other source under the same head?
If this is a question about income tax losses go to www.irs.gov and use the search box for type LOSSES Some business losses offset other income. Some rental income can offset other income. CAPITAL GAINS AND LOSSES Sale of assets offset each other and after that is done any remaining loss can use to offset ordinary income up to the 3000 maximum per year on a MFJ income tax form and any reaming loss after that can be carried forward into future years in the same way until the loss is used up.
Can you offset your loss due to the Indy Mac bank failure?
Yes, although it depends on what type of loss you have. As the deposits were covered generally, so you really couldn't ahave a loss on that. If you own stock in the Co...the loss on stock is allowed against any other "capital" gains. There is a process of matching the type of Capital loss (long vs short term) and such...and any amount not used this year is first 3K a year allowed against ordinary income, and carried forward and useable against other future capital gains (+3K a year against ordinary income), for the next 20 years.
How can you use up an old capital loss quicker?
Have capital gains. Otherwise restricted to 3000 a year against ordinary income.
How many years can you claim investment losses on your taxes know it 3000 a year if filing married Ex loss 30000 in 2008 claim 3000 on 2008 taxes Can you claim 3000 for 10 years are is it a limit yrs?
If you had a net $30,000 capital loss in 2008, you would use $3000 to offset ordinary income in 2008 and carry $27,000 forward to 2009. In 2009, the $27,000 you carried forward would be treated as if it were a brand new capital loss that first occurred in 2009. It would be treated just as if you sold a stock in 2009 for a $27,000 loss. You would first use the full $27,000 to offset any capital gains that you had in 2009. If there was anything left after offsetting capital gains, you would use $3000 to offset ordinary income and then carry over what was left to 2010. You can keep doing this until you die. Your heirs or estate cannot use any capital loss that is left when you die. For example, let's say you get lucky in 2010 and sell a stock for a $10,000 profit. You would use $10,000 of the $27,000 to offset the profit. Then you would use $3000 more to offset ordinary income in 2010. Then you would carry $27,000 - $10,000 - $3000 = $14,000 to 2011.
Do you pay capital gain tax on stocks in loss?
You would NOT have a capital gain tax to pay when you have a loss on the sale of stock. You WILL HAVE to report the transaction on the schedule D of the 1040 tax form and up to 3000 of loss for the year will be used to offset up to 3000 of ordinary income for the year any amount of the remaining loss will then be carried over to the next years until the loss is completely used up.
Is farm loss a tax credit or a tax deduction against ordinary income?
If the loss amount is not limited by the passive activity rules the loss from the schedule F would be end up on the 1040 page 1 line 18 Farm income and loss attach schedule F and would offset other ordinary income. Click on the below related link for more information
