What constitutes a capital loss?

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Subject Author Date What constitutes a capital loss? Jane 07-19-2009  Re: What constitutes a capital loss? Bob Sandler 07-19-2009  Re: What constitutes a capital loss? YvonneD 07-20-2009  Re: What constitutes a capital loss? Wallace 07-20-2009  Re: What constitutes a capital loss? Arthur Kamlet 07-20-2009  Re: What constitutes a capital loss? Mark Bole 07-20-2009  Re: What constitutes a capital loss? Wallace 07-19-2009  Re: What constitutes a capital loss? YvonneD 07-20-2009  Re: What constitutes a capital loss? Wallace 07-20-2009  Re: What constitutes a capital loss? D. Stussy 07-19-2009  Re: What constitutes a capital loss? Gene E. Utterback, EA, RF... 07-20-2009  Re: What constitutes a capital loss? YvonneD 07-23-2009   Re: What constitutes a capital loss? Steve Pope 07-23-2009  Re: What constitutes a capital loss? Wallace 07-27-2009
Posted by Jane on July 19, 2009, 6:05 pm Please log in for more thread options I bought an AKC registered puppy a couple of months ago. I paid $1200. The night that I got the puppy I ended up in the ER. I was told by the doctor that my problem was caused by the puppy so I had to return it the next day. The breeder would only return $600, even though she was able to sell it to someone else for $1200. I know this question is crazy, but I figured I ask it anyway. Is there any chance that this $600 is considered a tax deductible loss? -- << ------------------------------------------------------- >> << 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. >> << ------------------------------------------------------- >> Posted by Bob Sandler on July 19, 2009, 8:24 pm Please log in for more thread options On Sun, 19 Jul 2009 18:05:21 EDT, Jane >I bought an AKC registered puppy a couple of months ago. I paid >$1200. The night that I got the puppy I ended up in the ER. I was >told by the doctor that my problem was caused by the puppy so I had to >return it the next day. The breeder would only return $600, even >though she was able to sell it to someone else for $1200. > >I know this question is crazy, but I figured I ask it anyway. Is >there any chance that this $600 is considered a tax deductible loss? It would only be deductible if you bought the puppy for use in your business, which doesn't seem to be the case. If you bought it as a pet, it is a personal loss and is not deductible. Bob Sandler -- << ------------------------------------------------------- >> << 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. >> << ------------------------------------------------------- >> Posted by YvonneD on July 20, 2009, 11:54 am Please log in for more thread options > On Sun, 19 Jul 2009 18:05:21 EDT, Jane > > >I bought an AKC registered puppy a couple of months ago.  I paid > >$1200.  The night that I got the puppy I ended up in the ER.  I was > >told by the doctor that my problem was caused by the puppy so I had to > >return it the next day.  The breeder would only return $600, even > >though she was able to sell it to someone else for $1200. > > >I know this question is crazy, but I figured I ask it anyway.  Is > >there any chance that this $600 is considered a tax deductible loss? > > It would only be deductible if you bought the puppy for use > in your business, which doesn't seem to be the case. If you > bought it as a pet, it is a personal loss and is not > deductible. > > Bob Sandler I assumed this was the case, but thought I'd check since it's a lot of money to me. Thanks for the reply. -- << ------------------------------------------------------- >> << 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. >> << ------------------------------------------------------- >> Posted by Wallace on July 20, 2009, 12:57 pm Please log in for more thread options > On Sun, 19 Jul 2009 18:05:21 EDT, Jane > >>I bought an AKC registered puppy a couple of months ago. I paid >>$1200. The night that I got the puppy I ended up in the ER. I was >>told by the doctor that my problem was caused by the puppy so I had to >>return it the next day. The breeder would only return $600, even >>though she was able to sell it to someone else for $1200. >> >>I know this question is crazy, but I figured I ask it anyway. Is >>there any chance that this $600 is considered a tax deductible loss? > > It would only be deductible if you bought the puppy for use > in your business, which doesn't seem to be the case. If you > bought it as a pet, it is a personal loss and is not > deductible. > > Bob Sandler any hope via casualty loss? Medical expense? -- << ------------------------------------------------------- >> << 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. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on July 20, 2009, 1:03 pm Please log in for more thread options > >> On Sun, 19 Jul 2009 18:05:21 EDT, Jane >> >>>I bought an AKC registered puppy a couple of months ago. I paid >>>$1200. The night that I got the puppy I ended up in the ER. I was >>>told by the doctor that my problem was caused by the puppy so I had to >>>return it the next day. The breeder would only return $600, even >>>though she was able to sell it to someone else for $1200. >>> >>>I know this question is crazy, but I figured I ask it anyway. Is >>>there any chance that this $600 is considered a tax deductible loss? >> >> It would only be deductible if you bought the puppy for use >> in your business, which doesn't seem to be the case. If you >> bought it as a pet, it is a personal loss and is not >> deductible. >> >> Bob Sandler > > >any hope via casualty loss? Medical expense? Even if a casualty loss is possible, the starting point is $600 and the practical result is no casualty loss after cranking the numbers. And no medical allowed here. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << 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? ? ? January 23, 2009, 12:57 pm capital loss carryovers May 11, 2007, 5:49 pm Can I "buy" capital loss carryover? 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