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Asked 1/19/2008
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Stock Investment,,, loss carry over I still own a few stocks left over from the rush of dot com tech stuff. I' was hoping they would do better over time,,but they still suck. Right now my loss is about $20,000. If I sell them this year,,,I've been told I can deduct $3,000 for 2008. Can I get more deductions in future years as well? A so called loss carry over? If so,,how many years can I do that and how much each year? If the deduction is just a total of $3,000 one time,,then would it be best to choose the worst one of the five I own each year for the next five years and dump it to offset possible gains in some of my other investments? |
Answer 1/1 - Submitted 1/20/2008
You can deduct $3,000 a year in captial losses. Any unsed loss can be carried forward indefininely and you can deduct $3,000 every year until it is used up. However, the deduction is for you NET loss.
So if you have $20,000 in dot com losses that you take in 2008 and sell another stock for a $5,000 gain, you will offset the $5K gain with $5K loss from the dot com stocks - plus get another $3,000 loss --thereby using $8,000 of your dot com losses in 2008. The remaining $12K loss can be deducted at $3,000 per year until used up -- or offset by future gains.
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