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Itemized Deductions Schedule-A


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Old 12-28-2014, 05:20 PM
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Capital loss deduction

Last year I began to claim a deduction for a capital loss of about $365,000 and my tax person told me that I could claim up to $3,000 a year until the loss was covered. My question is can the amount I claim each year be increased or paid out in full



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Old 12-29-2014, 01:43 AM
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Originally Posted by blade1108 View Post
My question is can the amount I claim each year be increased or paid out in full
I should say it depends; aslongas you have enough capital gain, then yes you can offset your LTCL against your capital gains on a dollar-for-dollar basis;if not, then in that case, you typically can deduct as much as $3k a year from your ordinary income, such as wages/salaries etc. However, the limit is only $1.5k if you’re married and file your taxes separately from your spouse.so your 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 $3k in one year. you may not carry back any part of a net capital loss to a prior year. you may only carry forward the portion of a capital loss that exceeds the $3k annual deduction limit by including it in the computation of capital gains and losses of that year. Note that capital losses on sales of items , your home, car, jewelry, furniture, art, and coin and stamp collections ,are not tax deductible.



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