Amuck. . .now you've got me wondering. Since I'm not an expert in this area, I have to doublecheck the info. Anyway, my understanding is that 3,000 of any sale from a stock (gain or loss) could be applied to a "tax-loss" if the capital is used to pay Federal taxes. One is always going to have the offsetting stocks to cut back on income/wages . . .yearly salary, whatever. I'm not sure why the article says one needs a note from their broker to declare the additional 3G write-off. I think it's merely a paperwork fiasco. Anyhow. . .if someone can guide us all to a reference on the net that will spell it all out. . .that would be appreciated. The article I read came from the Motley Fool. I'm never going to understand why the tax system needs to be so stratified. I'm just about ready to go back to high school and fill out a 1040 EZ! LOL!
Peace. . .and Merry Christmas!
Keep the Faith!
M&M Man
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