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Here in the US you can use losses

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nsomniyak Member Level  Saturday, 03/23/13 10:49:21 AM
Re: Traderfan post# 34426
Post # of 34471 
Here in the US you can use losses to offset gains up to a net loss of $3000 each year, and any additional losses are "carried over" to be used against future gains.

Example--
If in 2012 I had $5000 in Losses and $1000 in gains, I would show a net loss of $3000 for 2012 (reducing my taxable income by $3000) and would have a $1000 tax loss carry over to use to offset gains I may record in 2013 or later.

There are wrinkles re: short term and long term holdings (you can have short term loss carryovers and long term loss carryovers) but the basics are what I outlined above.

So - anyone still holding CCME can sell it and use the loss against gains on stocks sold in 2013. If the amount of CCME loss exceeds gains on other sales in 2013, they would carry over the remaining loss to next year.

It is, however, too late to sell CCME for a loss that could be used to offset 2012 gains on one's 2012 taxes (for those who file based on calendar year).

If I could afford to buy all of them, I would not need to buy any of them and I sure wouldn't be spending time on the message boards!
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