Questions tagged [losses]
The losses tag has no usage guidance.
62
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Can I deduct defaulted Treasury bonds from my taxes owed
I purchase a U.S. Treasury bond. If the government doesn't repay it, may I deduct the face value of the bond from my income tax payment?
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Would it benefit me to file taxes this year?
Neither my wife or I have worked in over a year. She needed a liver transplant and we left our home in Alaska and moved to the East Coast for better health care. During this entire time my family has ...
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How to deduct a loss from an investment that went bankrupt?
We had money in a BlockFi account, which went bankrupt at the end of 2022. How can we deduct that loss on our 2022 tax return?
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How to Roll Put Options (Buy to open)? (Bought to Open)
I have a put option that I bought to open but the market has moved against me. So I'm looking for a way out of the contract other than taking a huge loss. I want to know my options for rolling them ...
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Is it optional to take a passive loss deduction?
I'm in two partnerships that lost money due to the pandemic. Those losses are supposed to be offset by the government in PPPs and ERCs, but the full payment of those has not been received yet. Due to ...
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How to apply the basis limitation on a passive loss?
On IRS Form 8582, Part V (or worksheet 3 in 2020) tells me to enter the income or loss from my passive partnerships. Then Parts VII and VIII (or worksheets 5 and 6 in 2020) tell me to calculate how ...
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230
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What can you do if money is missing/stolen from a wallet?
I have found out just now that my mother has lost a decent lump of money (in my terms, $55 to $70) and it couldn't have just randomly disappeared. I am kind of concerned as my mother is and kind of ...
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48
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What is the purpose of placing a minimum value for Stop Loss for some positions (no shorting, no leverage)?
Nasdaq has just observed (not sure if it is finished yet) a major rotation that led to many stocks to fall (especially tech and "green" ones). As an eToro user, I have noticed that during ...
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Loss for currency exchange, is this taxable/deducible?
Hej,
I live in Sweden since 2019. I had money in a US Bank account (earned in 2018 and 2019) that was sitting there without being invested. I've therefore decided to transfer it to SEK and start ...
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Can the expense of one sole proprietorship be written off against the profit of another
I have a successful rental business, it's regularly profitable and it's an llc
If I start another business, and that business records a loss for the year, can I write off that loss against the profits ...
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House lost in fire.. tax impact?
Like hundreds of others, I lost my house (primary residence) during the Oregon wildfires in September. I had purchased it just two years ago, so still have ~$210,000 on the mortgage.
My homeowners ...
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Selling winner stocks during year of realized net loss: a good idea?
I am young and in a low income bracket. Due to the current economic climate, I've realized a large amount of losses and also have an atypically large unrealized gain.
I could sell (and re-buy) either ...
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How do I know when to quit trading?
I started trading a few months ago, hoping to make even a small profit from the rebound after April. I followed the advice to stick to large, solid companies. I made some profit, but also a lot of ...
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Buying Puts to Hedge Against Second Market Plunge - Suggestions?
FT recently reported that hedge fund managers are buying puts on:
stock indices and also on currencies sensitive to risk appetite such as the Australian dollar and the Korean won.
Generally, what ...
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USA Taxes: Reporting loss on sale of new car won in contest
Won new car in contest in Texas USA. Sold for a $5000 loss to dealership. Received form to report win on my taxes. How do I report loss from sale on my taxes?
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I initiated a 401k rollover to an individual IRA, but plan sponsor didn't execute
I got confirmation of my rollover on the phone but checked back 3 days later and the process had not taken place. I did this with the understanding that my fund holdings would be liquidated and then ...
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House property loss adjustment with carry forward loss from previous year
I have a query regarding situation below for tax implication :
Carry forward loss from previous year under head house property loss : 60000
Current year house property loss : 120000
With above, ...
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509
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What does "burned through $300 million" mean?
In the book "Antifragility of Islamic Finance: The Risk-Sharing Alternative" by Umar Rafi and Abbas Mirakhor, on page 101 I read the following line:
Pets.com, the poster-child company of ...
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How does income tax work (USA)?
let’s say I make over $500k,
the income tax in US is 37%
I was just wondering, does that mean the 37% (which is $185k) is just lost?
So a person would give almost half their income to the government ...
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146
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Can I sell my Nevada LLC's remaining inventory to myself at liquidation prices to avoid high sales tax?
I have a small Nevada LLC that I'm dissolving. I used it for ecommerce, but business has been bad the last year and now I've got some inventory left over. Because all of my inventory was bought for ...
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161
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Should I be reporting bitcoin losses if I did not receive 1099 for it?
I did not receive a 1099K from Coinbase. Should I report capital losses?
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170
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Business losses for expenses incurred by a foreign contractor
I am a resident of California (Green Card holder), and started a new business in 2018 to evaluate an idea I had. It was not registered in state of CA as I was not sure how far the idea can go. Anyway, ...
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207
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401(k) losing money, considering withdrawal to pay off mortgage
I left my job 13 years ago with $80,000 in a 401(k) plan and $500 a month pension. Two years ago the company told me that I had to get money for pension. I had already lost $45,000 of my 401(k) due ...
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Does a gain in one brokerage account and a loss in another brokerage balance each other out for tax purposes?
I have different investments in two different brokerage accounts A and B.
Investments in A are up 500 and in B are down 500. If I were to sell both of these in the same year (without any other losses ...
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Calculating the loss on exchange rate
TL;DR: What is the proper way of calculating the exact loss (due to the exchange rate(*)) on a currency exchange transaction?
(*) I'm not interested in other costs, like commission fee.
Longer example:...
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Should I sell a stock that lost value and stays low? [closed]
I own a handful (literally 10) shares that have dropped almost 13%. This doesn't amount to a major loss of investment, but a loss nonetheless. The company does not appear to be regaining any value. ...
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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?
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873
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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 ...
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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?
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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 ...
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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 ...
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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 ...
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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-...
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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 ...
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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 ...
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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:...
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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 ...
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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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120
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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%, ...
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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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128
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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 ...
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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 ...
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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'...
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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 ...
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