Invest loss and tax deduction
#1
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Invest loss and tax deduction
So, is it true that in a tax year, we can only claim $3000 loss as tax deduction?
e.g. if we loss $5000 in investment (a gain of -$5000), then only $3000 can be use for tax deduction for that current tax year?
e.g. if we loss $5000 in investment (a gain of -$5000), then only $3000 can be use for tax deduction for that current tax year?
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Yes, limited to $3000 capital losses per tax year, but you can roll over additional losses above and beyond that $3000 to subsequent tax years.
i.e. If you had a net loss of $5000 in 2007, you can take the $3000 deduction from your taxable income on your 2007 year tax filing and then the other $2000 loss as a deduction on your 2008 year tax filings.
Andrew
i.e. If you had a net loss of $5000 in 2007, you can take the $3000 deduction from your taxable income on your 2007 year tax filing and then the other $2000 loss as a deduction on your 2008 year tax filings.
Andrew
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This may have changed, but years ago it was any loss over $100,000 had to be taken at the rate of $3,000/yr. The first $100,000 could be taken in one year. I've only had that problem once and it was many years ago, so if it's changed, apologies for the post!
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