Stack Exchange Network

Stack Exchange network consists of 174 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange
Join us in building a kind, collaborative learning community via our updated Code of Conduct.

The tag has no usage guidance.

23
votes
4answers
6k views

My out-of-the-money call options are near expiration and won't sell in the open market. What are my choices?

I had attempted to sell my contracts off today but was unsuccessful. They are currently OTM options and will expire tomorrow. What can I do to minimize loss and why was I unable to sell?
7
votes
2answers
843 views

Casualty loss is only basis, not fair market value, for tax purposes?

I just want to verify that I have a correct understanding of the IRS position that casualty loss deductions are only the basis of the property lost, not its fair market value. For example, lets say ...
0
votes
0answers
26 views

Where to report a certain business loss.

My question relates to a business loss. I was a partner in a law firm that failed. The firm had a line of credit, and I was a guarantor. I settled with the bank and paid off the debt using money ...
1
vote
1answer
57 views

How to use a business loss to convert a traditional to a Roth IRA?

I have an annual business loss on a C-corp business I own. Is it possible to use that loss to convert traditional pretax IRA funds over to Roth IRA?
6
votes
1answer
162 views

Tax implications of long term financial advisor fraud

Our family trusted financial advisor that was entrusted with over a million dollars (over the past 10 years) filed for his company and personal bankruptcy earlier this year. He admits sending out ...
9
votes
1answer
435 views

Can I report a motorcycle theft on my taxes?

I paid $6700 in cash for a motorcycle in January. The same motorcycle was stolen near my apartment 5 months after I bought it. I had insurance but due to a policy technicality the motorcycle was not ...
1
vote
1answer
983 views

Does Robinhood calculate fees and taxes over the total gain/loss or per-transaction?

Suppose a person is using Robinhood app for stock trading. He puts $10000. His current portfolio value is $9500 meaning he has suffered an overall loss of $500. He did stock trading say 50 times out ...
-1
votes
1answer
94 views

Can I deduct personal loans or use them as tax “write offs?”

Say I loan $5,000.00 to a relative, and they still owe the majority of that amount after many years of no payment. Can I just vaguely write off this number, assuming the money was lent as cash, hand-...
-1
votes
1answer
79 views

Can I deduct on my IRS 2015 amended form 1040X return the tax loss from foregoing Massachusetts unemployment compensation?

Today, June 12 2017, I was told by the Massachusetts Department of Unemployment Insurance that I could not reopen a prior unemployment claim which I turned down in January 2015 arising from an ...
1
vote
5answers
719 views

How often do typical investors really lose money?

I know this is a bit too trivial for most of you, but please bear with me as I am a novice at this. My question is: How often does an investor lose money? What I know is: investors lose money by ...
4
votes
1answer
68 views

Can I distribute a deduction from rental losses over multiple years?

Situation: During the last decade, I have accumulated significant losses from a rental property; the deductions I can get for that in every year are very limited, so there is pending carryover. Issue:...
0
votes
0answers
32 views

Carryback losses from NOL, does the government give you refunds for prior tax years?

In the concept of carryback losses from Net Operating Losses (NOL), does the IRS go back to old prior year tax filings and give you a refund on them? If so, that is awesome! What does the process ...
2
votes
1answer
124 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 ...
3
votes
1answer
79 views

Same day Roth IRA conversion but lost some money -> How do I list that on my taxes?

I contributed in March 2016 for my 2015 Traditional IRA and then a day later I converted that 2015 IRA into a backdoor 2015 Roth IRA but lost some money in the day I waited to convert. I'm about to do ...
1
vote
1answer
57 views

Business Investment Loss from prior year

In 2011, I invested $30,000 into a restaurant. I was a passive investor. I wrote a personal check from my account to the business entity. A year later, the restaurant closed and all my money was ...
-1
votes
1answer
335 views

If I had no income due to a net operating loss, will I be refunded the Social Security and Medicare taxes withheld?

I spoke to a CPA about my 2015 tax situation. I had a job in 2015, but I also had stock trading losses that exceeded the salary that I received from the job. The CPA said that I traded enough that ...
0
votes
0answers
62 views

Tax Treatment of Bad Shareholder Loans To S Corp

We just dissolved a 3 partner S-corp. There is COD income from cancelled shareholder loans to the company. This COD income will be transmitted to the shareholders on the K-1s. My question is how the ...
1
vote
0answers
924 views

How do you calculate your “alternative tax net operating loss”?

In 2013 I had gains from trading futures (Section 1256 contracts) and then in 2014 I had losses trading futures. A few months ago I amended my 2013 tax return to claim a refund via a futures loss ...
3
votes
1answer
140 views

Loan to S-Corp cannot be paid back, how to deduct from personal taxes?

I gave a $15,000 loan to an S-corp where I have a 10% stake. The K1 I got this year only allows me an ordinary loss of $600. However, I know that this business will soon be shut down without the ...
0
votes
1answer
103 views

Do I need to file schedule C if I had a net loss?

I ran a business in 2015 (sole proprietorship) that had a net loss, and I have discontinued that business. Do I need to file a schedule C for it, assuming I do not want/need to offset other earnings ...
4
votes
1answer
259 views

What is down -34% in stock terms?

Apple is now at 100.54, all time high is 134.54, #AAPL is now down -34%. I fail to comprehend the above sentence. The way I usually interpret it, say if a stock all time high is 100, it is down 30%, ...
4
votes
1answer
94 views

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. ...
2
votes
1answer
76 views

When amending a tax return to include a futures loss carry back, are you not allowed to include a Schedule C?

In 2013, I had profits from trading futures contracts, and that profit was reported on Form 6781 of my 2013 tax return. In 2014, I had losses from trading futures contracts. My CPA is amending my ...
1
vote
1answer
431 views

When filing for an NOL, do you have to file the amended previous years' returns after the NOL return?

I have been doing a lot of day trading the last few years. In 2013 I made a lot of money (tens of thousands in profits), but in 2014 I did poorly and lost tens of thousands. My CPA said that due to ...
0
votes
1answer
114 views

If I make a loss in trading stocks, can I state it as a loss of investment in the tax refunds?

I was wondering if I could turn around my losses (a little bit) to help with my tax refunds. If I have negative total profit from trading stocks/investments, will it help increase my tax refunds? I'...
2
votes
1answer
258 views

At what point do recurring small business losses become a problem with Canada Revenue Agency?

How many times can a small business owner claim an overall yearly loss, when filing income taxes, before the Canadian Revenue Agency (CRA) will consider it a problem? A friend who runs her own small ...
6
votes
1answer
289 views

Foreign currency losing value — can I report this as a loss for tax purposes?

I live in the U.S., and I have a savings bank account in Ukraine. The money on that account were in UAH (Ukrainian Hryvnia), which lost ~50% of its value during 2014. This means the amount on my ...
1
vote
1answer
140 views

Should I write off my time invested in developing a business [duplicate]

Last year was my first year in business. I spent a good chuck of time developing my business plan, designing the company website, and developing policies and procedures for my employees. I'm about ...
2
votes
1answer
170 views

How to safely exit a falling security?

Imagine you have purchased a stock at precisely the wrong moment. The instant you have purchased shares, it begins to drop. It seems like there can be strategies for exiting the position without ...
3
votes
1answer
893 views

Interpreting mutual fund performance: “Earnings” vs. gains/losses?

I have a 401K at Vanguard through my company, and I was browsing the 'performance' of my fund. I found where it breaks down my transactions, gains/loss, earnings, and overall change. I'm guessing ...
43
votes
18answers
15k views

I carelessly invested in a stock on a spike near the peak price. How can I salvage my investment?

I carelessly invested on stock on a spike (I have been persuaded by a family member) and now my investment value is really low, as you can see below. Is there anyway to salvage my investment for ...
3
votes
1answer
548 views

How do NOLs (Net Operating Losses) affect an investment decision?

[A company trading on the NYSE for $1.85/share] just had a conference call... They have... cash equivalents of $2.27/share. They have more than $1/share in NOLs. NOL, I guess, is Net ...
4
votes
2answers
401 views

Rolled over husband's 401(k) to IRA after his death. Can I deduct a loss since?

When I rolled over my husband's 401(k) into an IRA after his death, the beginning balance was 100,000.00 and now the balance is around 10,000.00 If I sell the IRA, can I deduct the loss on my taxes?
4
votes
1answer
83 views

How do I take a loss on an IRA I converted to a Roth IRA?

Can I take a loss on conversion? If so, how do I do so (i.e. what U.S. tax form do I use)?
4
votes
1answer
74 views

Calculating loss for future money flows

I signed a contract w/ a company that would pay me various amounts of various dates (example: $200 on 5 Dec 2010, $150 on 12 Dec 2010, $750 on 23 Dec 2010, etc). They breached this contract, but I ...
5
votes
2answers
3k views

Should I wait to sell a stock (at a loss) that I have held for less than a year?

I currently hold some shares of a stock that I don't expect to regain much value. I bought this (at a higher price) about 8 months ago. My limited understanding of the way capital gains taxes work ...
15
votes
9answers
2k views

Most common types of financial scams an individual investor should beware of?

We've probably all heard of the Ponzi Scheme, made famous first by Charles Ponzi and more recently by Bernie Madoff: In March 2009, Madoff pleaded guilty to 11 felonies and admitted to turning ...
11
votes
3answers
765 views

How can I minimize losses on an upside down mortgage for a condo I no longer live in?

I have made a good faith effort to keep up my mortgage payments on a condo that I no longer live in since Oct 2005. In 2005 I had to move out of state for my job and I listed the property for about ...