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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Jason Rooks who wrote (1574)12/9/1998 7:38:00 PM
From: Arvinder Malhotra  Read Replies (1) of 5810
 
A newbie capital tax question.

I started trding stocks off late. I am not clear as to how I ccan calculate my capital gains. I make money on some days and on some days I loose. Overall (Fortunately), I am positive for the year. Here is the situation that I need clearification on.

1. I buy xyz on 10/10/98 and sell for $5k profit.
2. I again buy xyz on 10/11/98 and sell for a $3.5K loss
.
.
.
N.

If during the year I made $25K and lost $10K, is my capital gain $15K
or am I just allowed to deduct $3k of loss this year and carry the rest to the next year.

Another scenario: If I make $10k and loose $15K, my capital gain is zero. Can I still take a $3K deduction against my other wage income.

Any help and pointers will be appreciated.

Thanks
Arvinder
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