Today we hear from Charles in Novato, CA who’s got a question. “We lost ,000 last year in the Foreign Exchange market.
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Can we write off some or more of this loss?“
Dear Charles,
Aw, that’s a real shame.
Yes, you can use Schedule D to report the loss.
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If you have at least ,000 in capital gains from other sources this year, you’ll be able to use all the loss.
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Otherwise, you’re limited to $3,000 a year, in excess of your capital gains until all the loss is used up.
To learn more about how capital losses work, read IRS Publication 544 –
Sales and Other Dispositions of Assets
https://www.irs.gov/publications/p544/index.html
And remember, you can find answers to all kinds of questions about capital losses and all kinds of other tax issues, free. Where? Where else? At TaxMama.com
[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]- Ask TaxMama :: Where taxes are fun and answers are free
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- IRS Publication 544 :: Sales and Other Dispositions of Assets
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