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Topic: The tax game?

trade04
Member

Rate Member

posted

can someone educate me on stock losses. throughout the year i had serveral of them, am i allowed to claim those as losses?

Posts: 3086 | From: miami | Registered: Nov 2005 | IP: Logged |

T e x
Member

posted

not now...you had to sell in 07 for this year's return. And you're prolly not classified as a trader, so on capital gains/losses, you're prolly limited to $3k write-off.

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Nashoba Holba Chepulechi
Adventures in microcapitalism...

Posts: 21062 | From: Fort Worth | Registered: Apr 2005 | IP: Logged |

Machiavelli
Member

Rate Member

posted

Best site imo to educate yourself on such topics:

www.fairmark.com

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Let the world change you... And you can change the world.

Ernesto "Che" Guevara de la Serna

Posts: 4669 | Registered: Mar 2004 | IP: Logged |

PCola77
Member

Member Rated:

posted

Trade, I assume your are talking about losses in '07, right? If you use taxcut or turbo tax it should figure it out for you, just have to have your 1099 and figure out the cost basis.

Let me know if you have more specific questions.

Posts: 5508 | From: Southeastern PA | Registered: Jan 2006 | IP: Logged |

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