Legal Question in Tax Law in California
Tax write off for stock that's tanked
If I bought stock this year, and sold it for a loss, how much can I legally write off in my taxes? Also, if I lost more money than I can write off in one year, can I carry over the differnece into follwing years?
Asked on 12/15/00, 7:38 pm
1 Answer from Attorneys
WILLIAM BRANDWEIN
WILLIAM A. BRANDWEIN, A PROFESSIONAL LAW CORP.
Re: Tax write off for stock that's tanked
You can take a loss against gains with the limitation of $3,000 loss in excess of gain. Any unused loss can be carryforward to future years.
Answered on 12/19/00, 11:55 pm
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