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To: jacksoo who wrote (4470)4/10/1999 3:38:00 PM
From: Augustus Gloop  Read Replies (1) | Respond to of 30916
 
Losses offset any gain. Max loss that you can write off is 3,000.

So if you have no gains and $5,000 in losses you can only write off $3,000.00 in one year. The other $2,000.00 carries forward to the next year.

If you have 10,000 in gains and 5,000 in losses your cap gain tax is on $5,000.



To: jacksoo who wrote (4470)4/11/1999 3:40:00 AM
From: David Wise  Respond to of 30916
 
Regarding offsetting short term losses against gains, remember not to offset long term gains against them if you can help it. You want the advantage of lower tax rate on the long term gains.


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