Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-15-2017, 08:47 PM
Junior Member
 
Join Date: Feb 2017
Posts: 1
Capital Losses

I am reporting capital losses for the first time in 2016. I have just over $6000 in losses resulting from stock sales.

Since one sale alone accounted for a loss of $3000, do I need to list all my other transactions on Form 8949? or can I ignore them?

Many thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-16-2017, 02:18 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,650
Quote:
Originally Posted by chinacollector View Post
I am reporting capital losses for the first time in 2016. I have just over $6000 in losses resulting from stock sales.

Since one sale alone accounted for a loss of $3000, do I need to list all my other transactions on Form 8949? or can I ignore them?

Many thanks.
Generally, report capital gains and losses on Form 8949. Complete Form 8949 before you complete line 1b, 2, 3, 8b, 9, or 10 of Schedule D (Form 1040)I guess you are
aware you can carry it forward capital losses over $3000 to future tax years. The remaining $3K in losses would carry forward to 2017. Say, With $2K in 2017 gains and $3K in carry forward losses, you would have a net 2017 loss of $1KOf that, you would get the tax benefit of $1K against earned or other types of income in a given year. in 2017; Any excess capital loss can be carried over until you die, then it is lost and of no benefit to your estate or heirs.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Any way to offset some of my capital losses? babaganoosh For 2016 0 12-29-2016 11:44 PM
Previous Year Capital Losses txinus22 For 2013 1 04-15-2014 06:14 AM
Can capital losses less than $3,000 be carried over? karlmonte Capital Gains 2 04-05-2011 10:05 PM
What is the treatment for Capital Gains and Capital Losses in a C-Corporation? katlee C-Corporation 1 02-01-2009 05:23 PM
Tax Facts About Capital Gains and Losses Samatg General 0 02-17-2007 03:05 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning