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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Cents who wrote (1496)11/19/1998 8:02:00 AM
From: Kaye Thomas  Read Replies (3) of 5810
 
A few quick points about short-term losses. First, if you hold them long enough, they'll turn into long-term losses, which often provide less tax advantage. Second, you get maximum advantage if you use them against ordinary income or short-term gains; less advantage if you use them against long-term gains. Third, when you have a small (under $3,000) loss, there's no reason to take a gain to offset it, because you can use that much loss against your ordinary income.

Note that in your situation there may be some question as to whether the loss can be held until next year due to worthlessness of the stock. When stock becomes worthless, you must take the loss in that year even if you don't do anything with it until the next year.

Kaye Thomas, author
Fairmark Press Tax Guide for Investors
fairmark.com
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