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GuyInBoxers
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you can only declare your losses against your gains right?
not just your losses?
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glassman
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You should be able to declare losses against income--up to 3K$ losses-- talk to a pro--
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Upside
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If your question is can you only declare your losses and not your gains, you are right, you cannot do that. At tax time you add up your gains, subtract your losses and the net is applied to your regular income.
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GuyInBoxers
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so if i had a loss last year i can't declare that against my income?
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Upside
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Sure you can. After totaling gains and losses, if you wound up with a profit it is added to your regular income and taxed as regular income. If you suffered a loss, it is deducted from your regular income. There is a limit to the amount of loss you can claim (I don't know what it is) but if you exceed it the balance gets carried over to next years filing.
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glassman
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I assumed you meant losses in excess of gains.
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GuyInBoxers
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i meant losses in absence of gains.
i done real bad last year...
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glassman
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I had that in 01--my broker talked me out of selling my whole portfolio the morning after the election--I switched-
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