Tag Archives: Capital Loss

Sold Daughter’s Home

Today TaxMama hears from Pam in the TaxQuips Forum with this problem. “My husband and I bought a house for $59.000 five years ago. Our daughter lived in the house, rent-free. Her name was on the title. We sold the house this spring for $48.000. We were issued a 1099 in our name (not our […]

Selling Inheritance at a Loss

Today TaxMama hears from Liz in the TaxQuips Forum with this interesting situation. “My father’s cousin passed away and I inherited part of his home.  The executrix of the estate said that since the home sold for less than it was appraised for on the date of his death, we each may be able to […]

Deposit on House

Today TaxMama hears from Sheila in Pennsylvania with this question. “My daughter gave a personal friend $8,000.00 & signed a sale of agreement to purchase a house owned by the friend. After getting the money, the person changed her mind & said she would put the house in the hands of a real estate agent. […]

Offsetting Capital Losses

Today TaxMama hears from Praveen in North Carolina, who asks. “Can I deduct gains from a rental property sale against my capital loss carryovers from stock sales?”

Stock Theft Loss

Today we hear from Sal in New York who’s angry, “After the smoke from subprime mortgages starts to clear, if CEO’s are convicted of fraud and sentenced to prison terms, do investors’ stock losses created by the CEO’s criminal actions fall under IRS regulations of capital loss or embezzlement? Do taxpayers have the option to […]

Capital Loss Limits

Today TaxMama hears from Sal in New York, who has a gripe. “How many years has the maximum capital loss deduction been set at $3,000? To me it seems like forever. Don’t you think $3,000 is stingy, unfair and unrealistic in today’s investment world? How was that amount arrived at? Why is no one speaking […]

Loss Carryforward

Today TaxMama hears from Geraldine in the Tax Parlor, who asks “Can I bring over a $3,000 loss from 2004 return without filing a 2005 return, since he did not have any earn income – only social security for 2005?” Hi Geraldine, Personally, I ALWAYS advise my clients to file tax returns for each year, […]