I sold some stock in 2008, and lost about $12,000 of my investment. How much will I be able to deduct from my taxes?
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3 Comments
If your net loss on all of your stock sales is the $12K, you take $3000 against other income for this year and carry the other $9000 over to next year’s schedule D.
The $3000 isn’t deducted from your taxes, it makes $3000 of your other income not taxed.
Losses are first offset by gains and then you can deduct $3000 per year against other income.
If this was your only transaction, you would deduct $3000 this year and carry forward the remained to be used in future years.
I agree with Wayne. But you have to offset short term losses against short term gains and the same for long term transactions.