Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: RocketMan who wrote (1681)	12/30/1998 6:25:00 PM
From: Colin Cody	Read Replies (5) of 5810

RocketMan, I have short term net losses on stock trades this year. I also have long term capital gains from a house sale this year. Can the losses offset part of the gains (taking into account the different rates for short vs long term, etc). Ans: YUP! If the "house" was an investment. When I looked at Schedule C it seems you can include the home sale there along with the stock transactions, but I want to make sure there is no rule that says you they are apples and oranges and can not be combined. Stocks generally go on Sch D. A "house" can go on various schedules. Held as a speculation/investment/inheritance it likely goes on Sch D. Whereas: Rental property, Second Home, Primary Home, Low Income Housing, Tax Shelters etc have special rules. Colin

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