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What else can I help you with?
Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
What is the maximum loss claimable on federal income taxes due to sales of stock at a loss?
You can deduct $3,000 per year. If you have a higher loss amount, you can carryover the remainder for as many years as necessary until it is all used. http://taxresolutionaries.blogspot.com
Can some stock losses be deducted from income taxes?
Yes, some stock losses can be deducted from income taxes in the United States. If you sell stocks at a loss, you can use those losses to offset capital gains from other investments. If your total net capital loss exceeds your capital gains, you can deduct up to $3,000 ($1,500 if married filing separately) from your ordinary income. Any remaining losses can be carried forward to future tax years.
If your rental property is losing money can you deduct the loss against income?
Yes, rental income should be reported on Schedule E and the net profit or loss is transferred to Form 1040 and can offset income. Be careful of passive loss limitation rules though.
How can I properly show a loss on my taxes?
To properly show a loss on your taxes, you can deduct your business expenses, investment losses, or other allowable deductions from your income. Keep accurate records and consult with a tax professional for guidance on how to report the loss correctly on your tax return.
Can you deduct the loss on your 401k on your taxes?
No, this is the offset of not having to pay taxes on 401K profits. Save
Can you deduct the purchase of a used car from your taxes?
No. But an uninsured vehicle loss can be.
What is the maximum loss claimable on federal income taxes due to sales of stock at a loss?
You can deduct $3,000 per year. If you have a higher loss amount, you can carryover the remainder for as many years as necessary until it is all used. http://taxresolutionaries.blogspot.com
On loss income money do we pay taxes taxes on it?
Generally, if you have NET income after deductions and losses, you pay tax.
Can you deduct the loss to your mutual fund on your income taxes?
Not unless you sold (redeemed) the fund shares. If you are still hanging onto the shares, then there is no loss to report. When you sell the shares, you report the sale on Schedule D. It is too late to report a 2008 loss unless you sold the shares in 2008.
Can some stock losses be deducted from income taxes?
Yes, some stock losses can be deducted from income taxes in the United States. If you sell stocks at a loss, you can use those losses to offset capital gains from other investments. If your total net capital loss exceeds your capital gains, you can deduct up to $3,000 ($1,500 if married filing separately) from your ordinary income. Any remaining losses can be carried forward to future tax years.
If your rental property is losing money can you deduct the loss against income?
Yes, rental income should be reported on Schedule E and the net profit or loss is transferred to Form 1040 and can offset income. Be careful of passive loss limitation rules though.
Amortizing income taxes after tornado property loss?
After we did nothing
Can a claim of loss of income be made on federal income taxes for starting a small business?
Yes, your schedule C can show a loss.
Are taxes paid on money awarded from loss of job because of an age discrimination lawsuit?
Yes they are. The portion of the settlement that is attributed to lost wages is also subject to Social Security and Medicare taxes. The good news is that you may be able to deduct the lawyers' fees without itemizing (as an adjustment to income).
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)
