Tax Advice.

[RileyR569]

Originally Posted by Crazed98

Did you take out any loans for school?

Yeah but i have paid anything but interest, and i don't even have to do that.
So i've only paid $25 hah.

[RedStick]

Edit.

[rogtov18]

You pay taxes on your YTD Net realized gains/losses if it is positive.... if it's negative, you take a deduction up to $3K, the rest carries over to next year and can offset gainst the following year if you end up having a better year.... if you lose, say $30K and retire from trading, then you get a $3K deduction every year for the next 10 years.

[simonyadig]

Originally Posted by rogtov18

You pay taxes on your YTD Net realized gains/losses if it is positive.... if it's negative, you take a deduction up to $3K, the rest carries over to next year and can offset gainst the following year if you end up having a better year.... if you lose, say $30K and retire from trading, then you get a $3K deduction every year for the next 10 years.

I'm not positive, but I was under the impression that it would only carry over for one or two years tops.

[rogtov18]

Originally Posted by simonyadig

I'm not positive, but I was under the impression that it would only carry over for one or two years tops.

I m pretty sure there is no limit to how long you carry forward a capital loss. The only time you lose it is if you die and even if you file MFJ, your spouse will not be able to get it if you were the one with the capital loss. The only limit I can think of is NOLs, those you can only do up to 20 years... but as far as stocks, there is no limit.... but as I said, you can offset future gainst with it.... but max loss is $3000 until its over.