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To: davidcarrsmith who wrote (11515)3/14/2001 9:22:57 AM
From: Tomas  Read Replies (1) | Respond to of 13572
 
Re $3000 maximum tax loss

This story was recently in the "St Petersburg Times"

This guy turns $20,000 into $4,000,000 trading stocks
during the recent 1998-1999 bubble. Anyway in 2000
he gets wiped out with just $400,000 left. The problem
is he owes the IRS $500,000 for his short term tax gains
and he just can deduct $3000 against his losses!!
The IRS finally decided to let him keep his house.

This comes under the category:
"Don't wish too hard, you might get your wish"

Tomas



To: davidcarrsmith who wrote (11515)3/14/2001 9:33:29 AM
From: Olu Emuleomo  Respond to of 13572
 
>>>After offsetting profits, it's $3000 against ordinary income

Thanks for the reply, all!

--Olu E.



To: davidcarrsmith who wrote (11515)3/14/2001 2:24:29 PM
From: freeus  Respond to of 13572
 
Even if it takes forever.
More injustice in a very corrupt tax system.
Freeus


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