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What is if any the maximum allowable short term capital losses you can claim on your taxes?
Wiki User
∙ 15y ago
You can claim a maximum capital loss of $3,000 each year and carry any remaining capital loss forward. This is AFTER netting it against capital gains. So if you have $20,000 capital loss and $15,000 in capital gains, your net would be a $5,000 loss. You can claim $3,000 of that loss this year and $2,000 next year. NOTE: The question states "short term capital losses" - no such animal. Until you hold the asset for a year or more, any gain or loss irealized from the sale of that asset s considered netted against your ordinary income. After a year the gain or loss is long term, or capital, and a long term loss can be used to off-set any capital gains to the full extent of your current yerar capital gains. If your capital loss exceeds the capital gains, you can apply up to $3,000 of the additional capital loss against your ordinary income. Any additional loss over $3,000 in the current year would roll forward to by used in future years.
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∙ 15y ago
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What is the maximum amount of long term capital loss that an individual can claim on its 2008 tax return?
You report ALL of your capital losses (long or short term) on your tax return. They are used to first offset all of your capital gains (no limit). If there is still a net capital loss remaining, you can deduct the smallest of the following from your ordinary income: 1) $3000 2) your net capital loss 3) your AGI (computed without including any capital gains or losses) minus your standard or itemized deductions, but not less than $0. The full amount not used is then carried over and treated as a new capital loss in the immediately following year. Always fill out the carryover worksheet in the Schedule D instructions to determine the amount carried over. Never assume that the answer is obvious.
Can you revise earlier tax returns to use excess capital losses?
If you mean that you had a capital loss this year can you carry the capital loss back to a previous year, the answer is no unless you are a corporation. However, anyone except a corporation can carry a net capital loss forward to the next year after taking the mandatory up to $3000 deduction against ordinary income. Use the capital loss carryover worksheet in the next year's Schedule D instructions to learn how much you can carry over to the next year. If you mean can you revise a previous year's return to claim a capital loss you neglected to previously claim, the answer is yes. But generally, you can only claim a refund for up to three years after the original due date. This is extended to seven years for a claim resulting from worthless stock.
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If you sell a stock for higher than you bought what do you have to claim on you taxes?
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How can you claim relief from losses on sale of shares?
Not against earnings (from your income tax), but you can offset losses against future capital gains and thereby reduce your capital gains tax (UK tax law).
If my primary paid more than the contracted amount of my secondary BCBSTX through COB BCBS pays nothing EOB say I owe nothing can hospital bill me?
Iam glad to answer your question, No, your hospital cannot bill you for the balance. When they "accept assignment" on a claim, they should accept the BCBSTX's maximum allowable charge as payment in full. When your Other Health Insurance (OHI) pays more than the BCBSTX maximum allowable charge, they have paid in ful. ---GokulaKrishnan
What should you claim for?
You should claim for whatever losses you incurred as a result of the accident, whether personal injury or property related losses.
What is the maximum amount of long term capital loss that an individual can claim on its 2008 tax return?
You report ALL of your capital losses (long or short term) on your tax return. They are used to first offset all of your capital gains (no limit). If there is still a net capital loss remaining, you can deduct the smallest of the following from your ordinary income: 1) $3000 2) your net capital loss 3) your AGI (computed without including any capital gains or losses) minus your standard or itemized deductions, but not less than $0. The full amount not used is then carried over and treated as a new capital loss in the immediately following year. Always fill out the carryover worksheet in the Schedule D instructions to determine the amount carried over. Never assume that the answer is obvious.
How do you claim losses at a casino?
Unless the law has changed recently, in the U.S. you can claim losses on your yearly income tax, but you can only deduct the amount up to your winnings.
How much can you claim per year in investment losses?
$ 3,000.00
Can you revise earlier tax returns to use excess capital losses?
If you mean that you had a capital loss this year can you carry the capital loss back to a previous year, the answer is no unless you are a corporation. However, anyone except a corporation can carry a net capital loss forward to the next year after taking the mandatory up to $3000 deduction against ordinary income. Use the capital loss carryover worksheet in the next year's Schedule D instructions to learn how much you can carry over to the next year. If you mean can you revise a previous year's return to claim a capital loss you neglected to previously claim, the answer is yes. But generally, you can only claim a refund for up to three years after the original due date. This is extended to seven years for a claim resulting from worthless stock.
What is the capital city that two countries claim?
Jerusalem
Can you claim your gambling losses on your taxes if you have won a substantial amount Ohio?
Gambling winnings are offsettable with losses. All verifyable of course.
What is the raisin capital of the world?
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Do Home Warranty policies provide repair grants?
If a policy is in place and a claim is made that is covered by the policy, a claim adjustor will evaluate the situation and possibly provide payment for repairs. Costs vary on allowable amounts as dictated by the policy.
My husband's insurance covers his daughter as the primary but her mom carries dental for her now her insurance is refusing to cover her orthodontia due to the fact they are secondary- is this legal?
You do not say what state you are in and the exact answer could be a function of the insurance law for coordination of benefits in your state. However there also could be a specific provision in the Mom's policy--usually titled non-duplication of benefits--that says it does not pay if other insurance exists.Without a non-duplication provision, in general if the primary insurance company covers orthodontia, it will pay first and then the secondary insurance will pay some additional portion. There can be differences state to state but in general it works this way:The primary carrier pays the claims as if there is no other insurance involved. The COB law requires the secondary carrier to calculate what the benefit would have been for the claim if there were no other carrier involved, but allows the secondary carrier to deduct the amount paid on the claim by the primary carrier from its payment. The secondary carrier then pays the claim up to 100% of the allowable expense if the benefit contained in the policy is great enough. So, if the dentist's charge for ortho is $1000, but the allowable expense is $800; the claim will be paid based on $800 being the maximum that can be paid.There are two exceptions to this general rule. First if the primary carrier is a DHMO and the patient does not use a DHMO provider, the secondary carrier must pay the claim as if it were a primary carrier. As well, self-funded and collectively bargained employer groups operate under federal law and do not have to follow state COB laws. These groups often utilize "non-duplication" provisions to lower premiums. These provisions provide that that the insurer will not pay for benefits that are reimbursed by other insurance. Where these provisions are present in the patient's policy, there may not be any payment from the secondary carrier.An allowable expense is the usual and customary or maximum allowable expense for the dental service when the item is covered at least in part under any of the plans involved. When a covered person is covered by two or more carriers which determine benefits on the basis of usual and customary fees or maximum allowable expense, any amount in excess of the highest usual and customary or maximum allowable is not an allowable expense. When a covered person is covered by two or more carriers, which determine benefits on the basis of contracted fees, any fee in excess of the highest contracted fee is not an allowable expense.You might want to contact the consumer representative in your state Department of Insurance to help sort out your policy provisions.
