NEWBIES BOARD

[Garyst]

Don't feel bad. Gains always have to be reported in their total amount the year they were made. Now, if you have any losses during that year you can use those to offset any gains.

Example. If you had $500.00 in gains, $650.00 in losses and $100.00 in trade fees then your amount you would be reporting would be a loss of $250.00.

Lets say a person didn't have any gains and a loss of $4000.00. They could take a yearly maximum loss of $3000.00 and then have $1000.00 in losses to carryover to the following year as the maximum loss that can be claimed per year is $3000.00.