|
Posted by sasha.draganov on June 19, 2007, 9:29 pm
Please log in for more thread options
I plan to realize some capital gains this year, which will
trigger paying taxes on them. It would be nice if I could
offset these capital gains with capital losses. What if I
buy a business, which has no assets, but has some capital
loss carryovers? For example, there may be a small real
estate investor, who bought an investment property a year or
two ago, and is selling this property now at a loss. Would
such transaction help me to offset my capital gains this
year?
Thanks,
-Sasha D.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Herb Smith on June 21, 2007, 5:43 pm
Please log in for more thread options
sasha.draga...@gmail.com wrote:
> I plan to realize some capital gains this year, which will
> trigger paying taxes on them.
Duh
> It would be nice if I could
> offset these capital gains with capital losses.
So, sell one of your "losers"
> What if I
> buy a business, which has no assets, but has some capital
> loss carryovers? For example, there may be a small real
> estate investor, who bought an investment property a year or
> two ago, and is selling this property now at a loss. Would
> such transaction help me to offset my capital gains this
> year?
No, that won't work. If you buy the property at its current
FMV, then turn around and sell it, you may actually have a
small gain or loss. The loss suffered by the small investor
is his to claim and does not transfer with the property.
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Paul Thomas, CPA on June 24, 2007, 10:41 pm
Please log in for more thread options
> I plan to realize some capital gains this year, which will
> trigger paying taxes on them. It would be nice if I could
> offset these capital gains with capital losses. What if I
> buy a business, which has no assets, but has some capital
> loss carryovers? For example, there may be a small real
> estate investor, who bought an investment property a year or
> two ago, and is selling this property now at a loss. Would
> such transaction help me to offset my capital gains this
> year?
Now you're getting into some very tricky (and expensive)
legal issues on surviving corporations.
The worst tax advice you could get over the internet would
be to buy into someone else's corporation, as then you buy
all that corporations liabilities and prior history. Any
potential creditor or claimant could collect from you for
events that happened under the prior ownership.
Incur some capital losses by selling your dog stocks before
year end.
--
Paul A. Thomas, CPA
Athens, Georgia
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Seth on June 24, 2007, 10:41 pm
Please log in for more thread options
> I plan to realize some capital gains this year, which will
> trigger paying taxes on them. It would be nice if I could
> offset these capital gains with capital losses.
Do you have some assets with losses? You could sell them,
too.
If not, you could marry somebody who did.
Seth
Moderator:
Excusez-moi! If you feel the need to get married, marry
for money, not capital losses. Also do not marry for love.
I made that mistake once. I married Susan for her Ph.D
and her money (when she told me she didn't have any money,
I gave her mine.)
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
|
Posted by Paul Thomas, CPA on September 24, 2007, 8:48 pm
Please log in for more thread options > I plan to realize some capital gains this year, which will
> trigger paying taxes on them. It would be nice if I could
> offset these capital gains with capital losses. What if I
> buy a business, which has no assets, but has some capital
> loss carryovers? For example, there may be a small real
> estate investor, who bought an investment property a year or
> two ago, and is selling this property now at a loss. Would
> such transaction help me to offset my capital gains this
> year?
Now you're getting into some very tricky (and expensive)
llegal issues on surviving corporations.
The worst tax advice you could get over the internet would
be to buy into someone elses corporation, as then you buy
all that corporations liabilities and prior history. Any
potential creditor or claimant could collect from you for
events that happened under the prior ownership.
Incur some capital losses by selling your dog stocks before
year end.
--
Paul A. Thomas, CPA
Athens, Georgia
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | Capital Loss Carryover Duration | January 15, 2007, 2:26 am |
| Capital Loss Carryover to Stock | March 26, 2007, 10:57 am |
| PENALTY-Capital loss carryover | April 25, 2008, 8:02 am |
| Re: Schedule D capital loss carryover | June 3, 2006, 9:44 am |
| Have a question about carryover short term vs long term capital loss | October 11, 2007, 10:19 pm |
| stock loss carryover and amt | May 17, 2008, 11:56 pm |
| Recession, tax consequences & loss carryover - HELP! | January 13, 2008, 4:15 pm |
| Capital Gains carryover question | April 12, 2008, 9:24 pm |
| Huge Capital Gains carryover - ideas? | March 13, 2007, 6:26 pm |
| capital loss carryovers | May 11, 2007, 5:49 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap