| Author | Message | ||
| Robert McNair (Rrm)
Junior Member Username: Rrm Post Number: 182 Registered: 5-2002 |
Thanks Doug O | ||
| Doug O (Little_o)
New member Username: Little_o Post Number: 28 Registered: 6-2002 |
Typically you must sell the stock to recognize a taxable transaction, in this case a capital loss. If the stock cannot be sold, ie. becomes delisted from the stock market, then it can be documented as such, and the FMV becomes the sale price in this case $0. Back up with documentation. | ||
| Robert McNair (Rrm)
Junior Member Username: Rrm Post Number: 180 Registered: 5-2002 |
So I guess none of you guys have ever owned stock in a company that has gone bankrupt so therefore none of you can offer me any advice on what to do. | ||
| Robert McNair (Rrm)
Junior Member Username: Rrm Post Number: 179 Registered: 5-2002 |
I wish I had to worry about capital gains this year! My investment income has been pretty flat the last couple of years. The dividend tax cut is a good start hopefully we will get back on track in '03. | ||
| William H (Countachxx)
Intermediate Member Username: Countachxx Post Number: 1653 Registered: 2-2001 |
I believe losses can be carried over, but whatever possesed you to sell stock this year ?!?! BTW looks like the corporate double taxation dragon is finally going to be routed thanks to the reps controlling the white house & the senate. looks like I'm going on a shopping spree  | ||
| Robert McNair (Rrm)
Junior Member Username: Rrm Post Number: 178 Registered: 5-2002 |
Speaking of capital losses I have a question hopefully one of you guys or gals can answer. I own about 5k worth of stock in a company that has gone bankrupt and has since been auctioned off. The stock is obviously worthless so how do I claim it as a loss as I haven't sold it. Basically I'm asking how do I prove to the government that it is a loss for me. TIA | ||
| James H. (Jamesh)
Junior Member Username: Jamesh Post Number: 153 Registered: 5-2001 |
Dave, I moved to San Carlos in 89. Had to sell my first ferrari to buy the house. So, we were sort of neightbors. Im actually on Winding Way. It has been 10 years so I can see how you can forget your old address. Or maybe it was that G force and all that blood leaving your head after accelerating in your Ferrari. | ||
| Dave (Maranelloman)
Member Username: Maranelloman Post Number: 604 Registered: 1-2002 |
We left in 1993. Actually, at the time, I worked at Sun Microsystems' headquarters in Palo Alto. They promoted me & sent me out into the field, to Dallas. We moved from there to Austin 3 years ago. I know exactly where Torino is. Boy, I really liked & miss that neighborhood. BTW, I must be getting old: my wife informs me that our address was 345 Portofino. Not sure where "451" came from in my addled brain... | ||
| James H. (Jamesh)
Junior Member Username: Jamesh Post Number: 152 Registered: 5-2001 |
Thanks for the info. Now I can relax and not be in such a rush to sell the property. Hey Dave, we could almost of been neighbor. Im off of Torino, and up the hill a little. So how long ago did you move. | ||
| Doug O (Little_o)
New member Username: Little_o Post Number: 27 Registered: 6-2002 |
Net capital losses may be carryforward indefinitely until used against net capital gains going forward. Computed on Schedule "D" | ||
| Dave (Maranelloman)
Member Username: Maranelloman Post Number: 603 Registered: 1-2002 |
Oh, I just looked at your profile. My wife & I used to live in San Carlos, at 451 Portofino drive, off Melendy. Those were the pre-Ferrari days. What we saved in Calif. state income taxes & usurious auto registration fees paid for our Ferraris when we moved to Texas!  | ||
| Dave (Maranelloman)
Member Username: Maranelloman Post Number: 602 Registered: 1-2002 |
Yes. | ||
| James H. (Jamesh)
Junior Member Username: Jamesh Post Number: 151 Registered: 5-2001 |
Hi, I posted a question a while back asking if loses from stocks can be offset with capital gains from real estate. The answer was yes. Now my next question. I sold a lot of my stocks this year and have a very big lost. The year is almost over and I have not been able to get the property on the market yet. My question is can the lost from the stock sale be carried over to the next year when I plan to sell the income property. |