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If an individual has a capital loss in 2008 can he carry it back to a 2005 capital gain tax paid?
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.
What else can I help you with?
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.
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 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.
What is tax rate on capital income?
# Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.# When you sell a capital asset, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss.# You must report all capital gains.# You may deduct capital losses only on investment property, not on property held for personal use.# Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it. If you hold it more than one year, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.# Net capital gain is the amount by which your net long-term capital gain is more than your net short-term capital loss.# The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income and are called the maximum capital gains rates. For 2008, the maximum capital gains rates are 0%, 15%, 25% or 28%.# If your capital losses exceed your capital gains, the excess can be deducted on your tax return, up to an annual limit of $3,000 ($1,500 if you are married filing separately).# If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.# Capital gains and losses are reported on Schedule D, Capital Gains and Losses, and then transferred to line 13 of Form 1040.For more information about reporting capital gains and losses, get Publication 17, Your Federal Income Tax, and Publication 550, Investment Income and Expenses Currently net capital gain is generally taxed at rates no higher than 15% for most taxpayers, although, for 2008 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates, for those with lower incomes. There are three exceptions: # The taxable part of a gain from selling Section 1202 qualified small business stock is taxed at a maximum 28% rate. # Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate. # The part of any net capital gain from selling Section 1250 real property that is required to be recaptured in excess of straight-line depreciation is taxed at a maximum 25% rate.
What percentage of tax do you have to pay on capital gain?
The federal long term capital gains rate is 15% for most people. For low income people in 2008 thru 2010, the rate is 0%. The federal rate for short term capital gains is the same as the rate on ordinary income. In addition, state income taxes may apply, which vary by state.
What are the release dates for Human Capital - 2008 SUSPENDED?
Human Capital - 2008 SUSPENDED was released on: USA: 2008
Are 2008 cobalt motor and a 2005 cobalt motor the same?
No, BIG changes. 2005 is single coil based ignition timing. 2008 is 4 individual coil-on-plug setups. 2005 has a normal throttle body and intake timing system 2008 has a timed intake valve system. and that's just the 2.2L and the ones I can think of off the top of my head.
When was Juniperus Capital created?
Juniperus Capital was created in 2008.
When was Capital Bank created?
Capital Bank was created in 2008.
When was VTB Capital created?
VTB Capital was created in 2008.
When was FirstMark Capital created?
FirstMark Capital was created in 2008.
When was Genii Capital created?
Genii Capital was created in 2008.
What is Mexico's capital income?
in 2008 Mexico's capital income was $386,000,000.
What are the release dates for 2005 US Open of Racquetball - 2005 2008-02-26?
2005 US Open of Racquetball - 2005 2008-02-26 was released on: USA: 26 February 2008
Capital of Belize in 2008?
Belmopal
When was Conversational Capital created?
Conversational Capital was created on 2008-08-07.
When was University College Capital created?
University College Capital was created in 2008.
