I own stock in my personal brokerage. It has decreased in value and I now have a paper loss. If I sell, I understand that the capital loss will go against any gains. =========>not rally; ?You can use capital losses , I mean, stock losses), to offset capital gains during a taxable year, by doing so, you may be able to remove some income on your 1040. If you don?t have capital gains to offset the capital loss, then, you can use a capital loss as an offset to ordinary income, up to $3k per year, $1.5k for single /MFS filer. (If you have more than $3k, it will be carried forward to future tax years.
I also have a single member LLC with a separate tax id number. My question is this: Can I transfer/sell my stock from my personal account to the business account and create a taxable event? ======>No you can NEVER transfer your CL on your SMLLC SCh C of 1040; however on your 1040 you may I nean to report capital gains/lossesto the IRS, you need to file Form 1040, Sch D and Form 8949.
So your Capital losses can be deducted from your taxable income using Form 1040, Sch D you need to report it on 1040 line 13
What I would like to do is take the capital loss on my personal account while still owning the stock in my business account=======>.No as mentioned above