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Strategies & Market Trends : Wayne Rumball's tax write offs
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To: Ga Bard who wrote (5)6/6/1998 8:04:00 PM
From: Wazzy98  Read Replies (2) of 205
 
1.) It there a max amount of capital loss you can take off you annual income tax? eg $1000.00 $2k ...

2.) What happens to the reat of the loss if you exceed the amount of capital gain loss IF you continue to put money into the market and loose it?

3.) How is the percentage of tax figureed for short term and long term capital gains? er 25% 35%

I am not a tax accountant but this is how I understand the tax laws. Correct me if I'm wrong, please.

Answers:

1.)You can write off as much as you lose. As long as you have capital gains to offset.

2.)If there is a max, then you should be able to take that loss on the next year's return. (Not totally sure on that one).

3.)Short-term losses offset short-term gains. Long-term losses offset long-term or short-term gains, but short-term losses do not offset long term gains. The breakpoint for long-short is 18 months (new this past year). If in 28% tax bracket, 28% taxes on short-term gains and 20% on long-term gains.

Hope that helps.

Wazzy
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