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Posted by PeterOut on January 13, 2007, 2:12 am
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(Under US tax law) can you offset short term capital gains
with long term capital losses.
Thanks,
Peter.
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Posted by Rich Carreiro on January 15, 2007, 1:47 am
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> (Under US tax law) can you offset short term capital gains
> with long term capital losses.
Yes.
The netting rules are:
* First offset ST gains with ST losses.
* Then offset LT gains with LT losses.
* Then if one category has a loss and the
the other a gain, offset the gain in one
category with the loss in the other.
--
Rich Carreiro rlcarr@animato.arlington.ma.us
<< ======================================================= >>
<< 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 >>
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<< Copyright (2006) - All rights reserved. >>
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Posted by Bill on January 15, 2007, 1:47 am
Please log in for more thread options MajorSetback@excite.com (PeterOut) posted:
> (Under US tax law) can you offset short term
> capital gains with long term capital losses.
Yes. The Schedule D computations combine the net results of
short- and long-term sections in order to determine the
resulting amount to be entered on line 13, Form 1040
(capital gains).
Bill
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<< 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. >>
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<< to this newsgroup as well as our anti-spamming policy >>
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<< Copyright (2006) - All rights reserved. >>
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Posted by Herb Smith on January 15, 2007, 2:07 am
Please log in for more thread options PeterOut wrote:
> (Under US tax law) can you offset short term capital gains
> with long term capital losses.
Yes, see Schedule D and instructions. If your capital losses
are more than your gains you can also offset up to $3,000
against ordinary income. Any further excess gets carried
over to the next and future years, and is used in the same
manner.
<< ======================================================= >>
<< 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. >>
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Posted by LoTax on January 15, 2007, 2:07 am
Please log in for more thread options PeterOut wrote:
> (Under US tax law) can you offset short term capital gains
> with long term capital losses.
I think that under US tax law we *have to* offset these two
things. Matter of fact, all capital gains and capital
losses, LT and ST, are netted against each other under US
tax law, sorta like automatically. See how Schedule D
works...
<< ======================================================= >>
<< 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 >>
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<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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