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Questions tagged [capital-loss]

A capital loss is the loss incurred when a capital asset decreases in value. This loss is not realized until the asset is sold for a price that is lower than the original purchase price.

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Can I claim a capital loss on property sale

If I own a vacant property with 3 people that we paid $120,000 for it can I sell my share to the other owners for $100 and claim a capital loss? I just don’t want to pay taxes and HOA fees anymore. We ...
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Tax Loss Harvesting and RSUs

I routinely sell my RSUs as soon as they vest, but this previous vesting period -- I did not. Sadly, the stock declined ~25 percent since that time. Some key notes. This would be a short-term sale ...
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Can a US non-resident alien do tax-loss harvesting on capital gains and income? (183-day rule)

Context: I am a non-resident alien in the USA as a J1 scholar. After being present for 183 days in the USA, I must pay capital gains tax in the USA. My questions: i) can I reduce my ordinary USA ...
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What is the best way of minimizing a 10K capital loss?

First, thanks for the help! I recently sold a stock at a loss of $10,000 (I guess a capital gains loss). My question is how should I minimize my losses? If I have another stock for which I have a $...
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Does exchanging funds from a S&P500 index fund into a Russel 3000 index fund at a loss constitute a “wash sale” if losses are claimed?

I converted a 'lot' of my Russel3000 index into an S&P500 index (first time investing in the SPY index) for a capital gain at the end of 2017 (for purposes of tax gain harvesting). A few days ...
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K1 — MTM elections and form 4797

I received Schedule K-1 (Form 1065) from a fund I invested in. It's really complicated and here is a quick snippet of it. I apologize ahead for truncating some numbers just to protect my privacy and ...
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254 views

Wash sale repetition through chaining

Wash sales seem to have very weird behavior, here's an example. It uses all the same stock, and there are no other holdings besides those mentioned. Day 1, buy 100 shares for $200 each, so $20,000 ...
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Report capital loss for a year when I did not have income (international student)

I was an international student in 2014 and had no income. So I filed form 8843, which is not a tax return. That year I traded some stocks and incurred a net loss. The standard way to report a past ...
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How should I calculate my shares?

Here's context for my question : note that this is a hypothetical I live in Belgium, Europe (if that is any relevant). I own 50% of the company I work in (as a manager). I've been working here 3 ...
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586 views

Can I declare a capital loss on a vehicle sale? [duplicate]

If I sell a car or boat at a profit, I assume I have to pay a capital gains tax. Does it work in reverse as well? Can I declare a capital loss if lose money on the sale of a car or boat?
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Are capital gains due on investments if none of the money can even be accessed?

I've been learning about cryptocurrencies, mostly from a technical stand-point to develop decentralized applications; however, to get started I purchased a few coins. When the prices rose so quickly, ...
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Does loss in stock market count against standard/itemized deduction?

I read some articles on the internet but still confused. None of the articles seem to give me an answer that I am able to understand. As far as I understand, I can either apply the Standard Deduction ...
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Can I take a tax deduction for capital equipment, even if my business does not make a profit? [closed]

So I just purchased a piece of property and I have designs on trying my hand at farming. I'm well aware of how difficult that is in and of itself. In the short term, I'm going to purchase some ...
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154 views

Stock return based on percentage

If you were to buy $1000 dollars worth of shares, and the worth went up 60% and you sold, would you earn $600 or $1600? When you sell, do you keep your original capital, ($1000)?
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Early Exercised NSO Shares when company is acquired and the tender offer is lower than the strike price

I early exercised my company shares a few years ao at about $6/share and filed a 43(b) tax form. I'm no longer at the company, but all my shares are vested. This company was recently purchased by a ...
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Are assets lost in a bankruptcy valued at the time of loss, or according to current value?

For the purposes of claiming a casualty loss in tax filings, can stocks be valued at their current par or is their value only what it was at the time of the loss? My situation is that I have stock ...
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254 views

Book capital losses in gnucash

I have an asset in gnucash, and its value changes over time. I followed these instructions and know how to record the gains, but it's unclear to me how I record the losses. The help page describes ...
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Loss on US leveraged ETF; Don't live in US anymore

I made an investing mistake many (eight?) years ago. Specifically, I invested a very large sum of money in a certain triple leveraged ETF (the asset has not yet been sold, but the value has decreased ...
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Can another tax loss be used to offset capital gains taxes? How does it work?

Firstly, I tried to find the answer to this by reading other questions, but I am still not sure and hence this question. I read that in the United States, I can deduct up to $3,000 in tax losses. So ...
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185 views

How does harvesting capital losses affect my Modified Adjusted Gross Income?

I invested in a capital asset which has greatly appreciated in value. I have held it over one year and am looking to sell a substantial amount. The tricky part is I do not want to sell enough to put ...
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51 views

US Taxes - Handling Capital Losses from previous years with current capital gains

So here is my scenario, I have $10,000 short term and $12,000 long term capital losses carried from a few years ago. Right now I have $30,000 in short term gains that I have not sold yet. I am ...
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Chapter 7 Bankruptcy IRS Debit 7 Capital Loss

I have a capital gains loss of $250K and an IRS debt of $200K, this happened through series of mistakes. Explained in detail here. My question is I was told that filing for Chapter 7 bankruptcy will ...
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US taxes - which is better for capital gains, short term loss carryover or long term loss carryover?

Is one carryover more valuable than the other or are they equally valuable?
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Stock as gift then sold for loss

I received from my grandparent's stocks (as a gift) which I have sold this year (2016). Is the basis that I use for the loss at the purchase or at the day of receiving the gift?
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251 views

If I invest in a company that goes bankrupt, is that a gain or a loss?

This is a real situation, but I will use fake numbers. Let's say I invest $10,000 in an investment trust and my shares eventually appreciate to the point where they are worth $60,000. This is not an ...
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Offsetting losses on share sales with annual tax returns in Australia

I currently hold stocks on a company that has lost 50% of its share value from the time I purchased, can I sell this and offset the loss while claiming tax for this financial year. (The shares were ...
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122 views

Is it mandatory to report Capital Loss on line 21 of Schedule D?

Is it mandatory to specify a capital loss value on line 21 of Schedule D? We are married filling joint return; we have capital loss over $3000 but our income is very low and we don't have to pay ...
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Tax treatment of losses from investment trust going bankrupt

I had some funds held in trust by a financial company. Due to malfeasance customer funds went missing and the company went bankrupt. The bankruptcy is going through its course and it looks like the ...
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1answer
109 views

Filling for a disaster loss on taxes

In June of last year, a tree fell on my mobile home completely destroying it. We were about 2,000 from being paid off for it. It damaged all of our master bedroom stuff clothes furniture and what not. ...
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1answer
105 views

How to sell unwanted options

I bought some call options earlier this year that have dropped to zero value. I've tried several times to sell them at market, but I have seen zero buyers. I would like to sell them or have them ...
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LLC capital equipment against day job income

My wife and I have started an LLC. the LLC is run our of our house, it is a machine shop. We file our taxes joint-married. She is 51% owner I am 49% owner. I work a day job (for now). We have ...
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Does it make any sense for UK private investors to hold gilts directly and outside of a tax wrapper?

According to my understanding of gilts (which is in accordance with the answers here), private investors in UK gilts paying a premium on the redemption price (for example 2% T20s currently report a ...
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1answer
133 views

Is there any guarantee that index ETF will follow reference index?

As I understand: index ETF attempts to track value of some specific index. It may be done by either really buying index (physical ETF) or by creating some arcane financial instrument that is supposed ...
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260 views

tax deduction for 30k loan

I recently sold my condo. I sold it for less than I owed but took out a 30k loan to pay off the difference (traditional sale, NOT a short sale). Are there any tax breaks or deductions I can take ...
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Why is a lot being marked as a wash sale when all lots of that security were sold at a loss on the same day?

I'm going over my 1099-B from my brokerage and I'm trying to understand why some of the trades are being marked as Wash Sales while other's under similar circumstances aren't. Here's an example set ...
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Accumulated Capital Losses

I have accumulated losses of above $200,000 in stocks from the last 10 years. I have been writing off $3000 every year and say the carryover is $200,000. Now i am seeing some profits in my account ...
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How do I get rid of worthless penny stocks if there is no volume (so market/limit orders don't work) and my broker won't buy them from me?

Short summary I bought some shares in a penny stock a few years ago, but now they don't trade and are worth $0.0001 per share. I want to get rid of them, but a) market orders don't work because the ...
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255 views

Do you use the Cost Basis or the Amount Invested to compute a gain/loss for tax purposes?

A friend's Edward Jones financial advisor is using the Amount Invested and not the Cost Basis to compute the tax loss of selling a mutual fund. I don't know anything about this stuff, but I'm pretty ...
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140 views

Can you claim a loss for tax purposes if you “swap” mutual funds within the same mutual fund company?

A friend wants to sell a poorly performing mutual fund (see this question for details). The fund is not in a tax-sheltered account. According to his broker, there will be no fees to sell that fund ...
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3answers
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Are wash sale rules different for stocks and ETFs / Mutual Funds?

In this answer to this question, JoeTaxpayer writes: To take the loss this year, he'd have to sell soon, and can't buy it back for 30 days. If, for whatever reason, the stock comes back a bit, he's ...
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Is capturing a loss a unique opportunity?

Upon the advice of a financial planner at a large financial management firm, a friend bought an individual stock, Apache, as part of their portfolio. That stock has since lost over 50% of its value. ...
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129 views

How to get capital gain tax of 2014 refunded based on the capital loss of 2015?

In 2014, I had capital gain on sale of rental property and tax was paid accordingly. In 2015, I am anticipating capital loss on stocks. Is there a way to get capital gain tax of 2014 refunded based ...
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666 views

Why does my brokerage show “adjusted due to previous wash sale disallowed loss” when I sold my entire position?

Over a month ago, I wanted to do some tax-loss harvesting. I wanted to sell a fund that had dropped in value and replace it with a more generic fund. Right before I sold, the fund paid out dividends ...
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110 views

Can I claim a capital loss on personal real estate after 5 years?

I sold my house in 2010 and I lost $20000 (purchase price: $100k; sale price: $80k). It was my primary residential house. I did not know that I can claim capital loss for it. Can I start to claim a ...
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1k views

Can I use losses from sale of stock to offset capital gains from sale of property

If I make a capital gain from the sale of a house but make capital losses from the sale of stocks in my brokerage account (not tax sheltered), then can I use the losses against the gains to reduce my ...
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How to adjust additional cost from wash sale transaction on form 8949

I have a few wash sale transactions in 2014. At the year end, I hold no position and I'm in the US. Question is when can I add loss from wash sale back to cost (box e)? Jan 2015: No short sale nor ...
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333 views

Can compensation income from an employee stock purchase plan be negative?

If I took a loss on my sale of stock from an ESPP (employee stock purchase plan), and the stock had a qualifying disposition, what is my compensation income? I found the following definition: In ...
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173 views

How do I account for a forced buyback (repurchase) of shares if I buy them back within 30 days?

A company I held shares in forced a buyback of a portion of my shares in them. Within 30 days, I then bought back that same number of shares to maintain my holding and basis. However, taking the two ...
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How to report short term capital loss occurred between 16-Mar and 31-Mar in ITR2?

I have short term capital gains from sale of equity shares for India financial year 2013-14 as below (Figures are hypothetical, but the concept is exactly how I am facing it) Gain of Rs.30000 in ...
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1k views

Do I have to sell worthless stock to claim a loss and clean up?

On February, 3 2000 I purchased shares in iVoice.com (IVOC). These shares sat in a "hobby" account which I rarely looked at until recently. I'm looking for guidance on how best to deal with the ...