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Posted by Taxlover on March 13, 2008, 11:26 am
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So far this year I am running a net loss; unless the stock market improves
pretty dramatically, it will stay that way.
1) Presumably the issue of quarterly estimated tax payments is moot; if I
don't have income for the year, there can't be a penalty. Right?
2) Can losses be carried forward or backwards?
Couldn't have come at a worse time; I am sitting on a big slug of 2007 taxes
to be paid on 4/15/08. I was supposed to make money on the float, not lose
money. Oh well.
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Posted by Phil Marti on March 13, 2008, 2:34 pm
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"Taxlover" wrote:
> So far this year I am running a net loss; unless the stock market improves
> pretty dramatically, it will stay that way.
Is this on paper, in which case it doesn't affect your taxes, or a loss from
completed 2008 sales, in which case it does.
> 1) Presumably the issue of quarterly estimated tax payments is moot; if I
> don't have income for the year, there can't be a penalty. Right?
Right. If the only income you have is from trading stocks and you have a
net loss for the year, you'll have no income tax liability, thus no
estimated tax payment requirement.
If you do have other income, remember that only $3,000 of your net capital
loss for the year can be applied to this year's return. The balance is
carried forward to the next year's Schedule D.
See IRS Publication 550.
--
Phil Marti
Clarksburg, MD
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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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Posted by Taxlover on March 13, 2008, 4:47 pm
Please log in for more thread options > If you do have other income, remember that only $3,000 of your net capital
> loss for the year can be applied to this year's return. The balance is
> carried forward to the next year's Schedule D.
>
> See IRS Publication 550.
> --
Thanks, I read 550.
If I have $50,000 in dividends and $100,000 in capital losses in 2008, then
my 2008 income is $47,000 and I have $97,000 in losses carried forward to
2009.
Is that right? Well, that is certainly better than nothing; though it would
be nice to be able to carry it back to 2007.
--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
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Posted by Rich Carreiro on March 13, 2008, 5:20 pm
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> If I have $50,000 in dividends and $100,000 in capital losses in 2008, then
> my 2008 income is $47,000 and I have $97,000 in losses carried forward to
> 2009. Is that right?
That is correct.
> Well, that is certainly better than nothing; though it would
> be nice to be able to carry it back to 2007.
Yes, it would be. :) But it's not allowed.
--
Rich Carreiro rlc-news@rlcarr.com
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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. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Harlan Lunsford on March 13, 2008, 5:26 pm
Please log in for more thread options Taxlover wrote:
>> If you do have other income, remember that only $3,000 of your net capital
>> loss for the year can be applied to this year's return. The balance is
>> carried forward to the next year's Schedule D.
>>
>> See IRS Publication 550.
>> --
> Thanks, I read 550.
> If I have $50,000 in dividends and $100,000 in capital losses in 2008, then
> my 2008 income is $47,000 and I have $97,000 in losses carried forward to
> 2009.
> Is that right? Well, that is certainly better than nothing; though it would
> be nice to be able to carry it back to 2007.
>
Are you saying you've already sold securities at a loss during these
first 2 1/2 months? Wow! Let's hope the market improves before end
of year, and you can sell others at a gain and come close to breaking
even. might take some fancy tax planning to do this though.
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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