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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed
MTEI 0.00400-14.9%Nov 18 9:31 AM EST
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To: jhild who wrote (10846)10/27/1998 3:04:00 PM
From: LT  Read Replies (2) of 11684
 
Excellent explanation jhild, I see this misconstrued so many times,on the SI threads. Step one on schedule D is to net losses against gains. If you sold a stock at a profit you can net your losses against that gain and come up with a net gain or loss. Only if you have a net loss, after this process, does the $3000 max off income apply. If that "net loss" figure exceeds $3000 you can carry the remainder over to future tax years. Eventually you should be able to deduct your total losses in $3000 blocks, in as many tax years as that might take :)

LT
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