0
What else can I help you with?
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 you take a capital loss when you sell home at a loss?
No. Your residence is considered personal property, like car or TV set, and unfortunately you cannot write off any loss you suffered.
Can an individual use ordinary loss to offset capital gain?
Yes, an individual can use ordinary losses to offset capital gains. Specifically, if an individual has an ordinary loss from a business or other trade, it can be deducted against ordinary income, which may include capital gains. However, capital losses can only offset capital gains. If the ordinary loss exceeds capital gains, the excess can typically be used to offset ordinary income, subject to certain limitations.
What is if any the maximum allowable short term capital losses you can claim on your taxes?
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.
Can you use long-term capital loss to offset short-term capital gains?
can long term gains be offset by short term losses
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 you take a capital loss when you sell home at a loss?
No. Your residence is considered personal property, like car or TV set, and unfortunately you cannot write off any loss you suffered.
If your home was repossessed by the bank can the difference between the original price paid and the balance of the mortgage be declared as a capital loss with IRS taxes?
Don't believe so, it's a personal residence. Go to IRS.gov and look at Publication 544, it spells it out. No. This situation can only create a capital loss with business property. If it was your personal residence, you'll just have to be content with the fact that you don't have a capital gain. :)
Can an individual use ordinary loss to offset capital gain?
Yes, an individual can use ordinary losses to offset capital gains. Specifically, if an individual has an ordinary loss from a business or other trade, it can be deducted against ordinary income, which may include capital gains. However, capital losses can only offset capital gains. If the ordinary loss exceeds capital gains, the excess can typically be used to offset ordinary income, subject to certain limitations.
What is if any the maximum allowable short term capital losses you can claim on your taxes?
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.
Can you use long-term capital loss to offset short-term capital gains?
can long term gains be offset by short term losses
What is Capitol Gains Tax?
A Capital gain tax is federal income tax on the any gain from the sale of a capital asset. Go to the IRS gov website and use the search box for Topic 409 Capital Gains and Losses Almost everything owned and used for personal or investment purposes is a capital asset. Capital gains and losses are classified as long-term or short-term. If you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term. Capital gains and deductible capital losses are reported on Form 1040, Schedule D Use the search box for 10 Facts About Capital Gains and Losses Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation.
How can you use up an old capital loss quicker?
Have capital gains. Otherwise restricted to 3000 a year against ordinary income.
What are the tax implications of a wash sale on capital gains?
A wash sale occurs when you sell a security at a loss and then repurchase the same or substantially identical security within 30 days. The tax implications of a wash sale on capital gains are that the loss from the sale cannot be immediately deducted for tax purposes. Instead, the disallowed loss is added to the cost basis of the repurchased security, which can affect the amount of capital gains or losses when the security is eventually sold.
How can one offset short term capital gains?
One way to offset short-term capital gains is by selling investments that have decreased in value to offset the gains. This strategy, known as tax-loss harvesting, can help reduce the overall tax liability on short-term gains.
Can you deduct - from your taxes - the loss on the sale of your home?
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
Can you deduct the loss of a home sold in 2005 that was not a primary resident but a rental property?
The question is not whether the home was a primary residence, but whether the home was used for personal purposes. It doesn't matter if it was a primary residence, secondary residence, summer cottage, weekend retreat or whatever. If you used it for personal use, loss is not deductible. Since you say it was a rental property, it was not a personal use property. So you can take a capital loss if it applies. But in determining if you had a loss remember that you have to account for depreciation you took (or could have taken) when you owned it. If you failed to properly claim a capital loss in 2005, you need to hurry. The deadline for almost everyone to file an amended 2005 return and get a refund is April 15, 2009, which is about a week and a half from now. You cannot claim the original loss on your 2008 return. You have to file an amended 2005 return to do it.
