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Pastimes : Makin' money honey
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To: sandintoes who wrote (1500)12/19/2004 9:46:17 PM
From: stock leader  Read Replies (1) of 2260
 
let's say this guys stock loss for the year was $30,000. If he puts this loss in the proper place (on Schedule D of his tax return) then he can only deduct $3,000 of this loss per year! Thus it will take him 10 years to deduct all that stinky loss. However he felt he was really ripped off and classified it as a 'theft loss' on his schedule A of his Form 1040. By doing so, he deducted the full $30,000 stock loss on his Schedule A thus lowering his tax liability BIG in that year. But that treatment is against the law and the IRS found out.
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