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Strategies & Market Trends : The Covered Calls for Dummies Thread -- Ignore unavailable to you. Want to Upgrade?

To: JGoren who wrote (1426)7/11/2001 11:25:28 AM
From: Mike Buckley  Respond to of 5205
 
what i am not sure of is whether long-term losses are then, dollar for dollar, netted against short-term gains to arrive at the figure on which tax is paid.

My understanding is that they are.

(28% tax rate on LTCG)

We live in a different world now. Be thankful that the highest long-term rate is only 20% and, depending on circumstances, is as low as 8%.

--Mike Buckley



To: JGoren who wrote (1426)7/11/2001 12:38:33 PM
From: Dan Duchardt  Read Replies (1) | Respond to of 5205
 
From Sched D

7 $1000 (ST gain)

16 -$900 (LT loss)

17 $100 (Combine lines 7 and 16. If a loss, go to line 18. If a gain, enter the gain on Form 1040, line 13
Next: Complete Form 1040 through line 39. Then, go to Part IV to figure your tax if:
.Both lines 16 and 17 are gains <They are not> and
.Form 1040, line 39, is more than zero.
Otherwise, stop here

So the $100 gets taxed at the normal rate.

Dan


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