Replies to post #92339 on Cascadia Investments Inc (fka CDIV)

[Jagthetrader]

Until 15 years

[redwing992006]

I still have some carry-over losses from previous years which will offset some of my gains here, decreasing amount of taxes owed on large capital gains coming.

[skyleriswishing]

Yes you can use your capital loss to offset your gain and also offset up to $3,000 of other income.

You report both sales on Schedule D; line 1 for the stock held one year or less and line 8 for the stock held more than one year.

In general capital losses are first used to offset capital gains and then used to offset other income up to $3,000 per year. Any unused losses are carried forward to the following year where they are used to offset capital gains and up to $3,000 of other income. This continues year after year until the loss is used up or death occurs. Hopefully you won't have any more losses but I thought I would mention it just in case.

[Tony Jeletonev]

that really sucks...Honestly, in that case then , if the government was honest and governing for the people..they should only be able to tax you a maximum of 3000$ if the maximum loss you can put in is 3000$ per year.. what a bunch of fackers these politicians..

[Skunkdoc]

Having just done my taxes with a huge loss for last year, you can only write off up to $3000if your losses exceed your gains. you are right, they carry forward.

[Jimthorpe]

yes your right but if you made 500 thousand in the new few months and lost 200 thousand you only pay taxes on the 300 total. loss offsets the win,