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?
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Why is no one speaking up about this when it’s so obviously out of date and adds complexity with carryovers? A more equitable ruling for people over 65, would be to permit net capital loss deductions, determined by ones life expectancy, similar to IRA distributions. “

Hi Sal,

Interesting point.

I just pulled out a 1980 IRS Package X (catalog of printable forms) and the Schedule D shows a limit of $3,000. So I don’t know how long this has been going on, but it’s been a long time.

Do you know that you can submit suggestions to the Taxpayers Advocate?
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Nina E. Olson makes recommendations to Congress about proposed law changes each year. It’s probably too late for this year’s report.
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But get the ball rolling and it could be included in next year’s report.

I did submit your suggestion, but consider submitting a note yourself. You can use this link.
https://www.irs.gov/app/samsnet/IssueQualification.jsp

And you can submit the idea to your legislators and the White House here: https://taxmama.wpengine.com/Articles/calltoaction.html

Actually, if I’d been awake, I would have suggested that this be changed for everyone – not just seniors.

After all, back in 1980 and before, $3,000 was a heck of a lot of money. It was a 10% – 20% down payment on a home. Today, it’s the property tax.
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You’re right. It’s well past time to update that limit. Besides, these days, many people are sitting on large loss carryovers.

I invite everyone to submit a note to your own legislators – and even the Advocate’s office.
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And remember, you’ll find answers to lots of questions about changing tax laws and other tax information, free. Where? At TaxMama.com

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