Lost $1500 in stock market.
Need to know if I can write off complete loss.
Need to learn how to hedge and adjust in accordance to the implied volatility mate.
>>1268597
m9 come on you know I'm trying to get the middle class to cover my losses.
>>1268591
Do you have $1500 in capital gains for the same fiscal year?
>>1268617
I don't.
>>1268622
Fuzzy on the details, but you should be able to write off at least some of it, on Sched D.
Unless you fucked it up by buying the same stock again.
>>1268597
you can't hedge everything man
you probably can. what broker do you use and where do you file your taxes?
>>1268591
You can claim up to 3k in loss a year. It only helps lower your capital gains tax though I think, its not going to "write off" towards your return
you can write off up to 3k in capital losses. Assuming they're realized losses
>>1268664
incorrect. the up to 3k losses is already netted against capital gains (you cant claim 3k losses while also claiming capital gains)
>>1268673
the capital losses are subtracted pre-tax. As in, if you have 20k in income, and 3k in capital losses, then your taxable income is 17k
>>1268677
Sweet jesus.
But as of right now, the gov is taxing me as if I'm making "20k", they don't know that I'm only "making" 17k.
Which if I'm understanding this correctly, the difference amount between 20k and 17k in which taxes were taken is given back to you?
And if I'm understanding this, you can repeat this until your initial loss is covered?
Correct?
>>1268666
>>1268671
These are correct. Additionally, if you have more than $3k in net realized capital losses, you can carry forward the losses to future years. For example, if you had $10k in net losses one year, you'd be able to write off $3k in that year and carry forward the remaining $7k. Then maybe the next year you have $5k in realized gains. You can offset all of that with your loss carry forward, plus write off the remaining $2k of the the carry forward.
>>1268591
Yes for the next 2 years I believe.
