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in your annual tax report? I know that in the annual tax report, there is a section where you can report gambling losses, likewise, could you report stock market losses?
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August 10th, 2010 at 5:08 pm
Assuming you are not a professional trader, realized losses from your stock trading are capital losses. (A loss is not considered realized until you close the position. Unrealized losses have no impact on taxes.)
Capital losses are used first to offset capital gains. If there are no capital gains, or if the capital losses are larger than the capital gains, you can deduct the capital loss against your other income — up to a limit of $3,000 in one year. If your overall capital loss is more than $3,000, the excess carries over to the next year. In other words, you treat the extra portion as if it were an additional capital loss in the following year.
Example: In 2007 Ted had a $4,000 capital gain, and a capital loss of $11,400. He used $4,000 of the capital loss to offset the capital gain: that left a net capital loss of $7,400. He claimed $3,000 of the loss on his 2002 return. The effect was to reduce his taxable income by $3,000. Ted was in the 28% bracket, so the loss decreased his 2007 income tax by $840. The remaining $4,400 of capital loss carried over to his 2008 return. In 2008 he had a $500 capital gain and no capital losses except for the carryover. So he used $500 of the $4,400 carryover to offset the gain, leaving a capital loss of $3,900. Once again, Ted deducts $3,000 of the loss — and carries over the remaining $900 to 2009.
August 10th, 2010 at 5:08 pm
see schedule D of form 1040
August 10th, 2010 at 5:08 pm
its only a loss if you have sold the stock. If you still hold it and the value has decreased, there is nothing for you to claim yet.