Sale of Stock Question - Can I deduct Losses?

[brett05]

Hello,
I sold my interest in an S Corporation for a loss. Can I deduct the difference between what I paid for the stock and what I sold it for on my taxes up to $3000 per year until the debt has been accounted for?

Would I do that in the Capital Stock section?

 

[fatbeard]

You can only do that if you have a net capital gains loss. In other words, if I made $10,000 selling one stock and lost $3,000 selling another, I still have a net $7,000 gain and don't get to deduct that 3k loss.

https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

 

[Scoot26]

You can only do that if you have a net capital gains loss. In other words, if I made $10,000 selling one stock and lost $3,000 selling another, I still have a net $7,000 gain and don't get to deduct that 3k loss.

https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

What fatbeard said.

 

[brett05]

You can only do that if you have a net capital gains loss. In other words, if I made $10,000 selling one stock and lost $3,000 selling another, I still have a net $7,000 gain and don't get to deduct that 3k loss.

https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

so If I buy say for $40,000 of stock at once and sell it all at once for $22,000 several years later, I can deduct $3k per year for 6 years in the capital gains section, yes?

 

[brett05]

I apologize. I read the link. It's a long term hold and a one time sale. based on that link I can deduct for 6 years. I need to do a Schedule D however which is fine.

 

[Ares]

Did you buy United stock?

 

[Burque]

Did you buy United stock?

Should've bought it on Tuesday morning.

 

[Ares]

Should've bought it on Tuesday morning.

Ima wait for it to seriously plummet and then buy up a bunch.... then they will get a new CEO and turn things around, everyone will forget, and in a year or 2 their stock will be back to where it is now lol

 

[Burque]

Ima wait for it to seriously plummet and then buy up a bunch.... then they will get a new CEO and turn things around, everyone will forget, and in a year or 2 their stock will be back to where it is now lol

Do you think it still will plummet? I mean it didn't seem to get hurt as badly as I thought it would and actually bounced back a bit after the initial shock.

I mean it isn't like the Lumber Liquidator thing it was a one off incident that was handled poorly. I almost think they could be a stronger brand if they can spin it into a way to show how much they've grown from that experience and rededicated themselves to the customers.

 

[Ares]

Do you think it still will plummet? I mean it didn't seem to get hurt as badly as I thought it would and actually bounced back a bit after the initial shock.

I mean it isn't like the Lumber Liquidator thing it was a one off incident that was handled poorly. I almost think they could be a stronger brand if they can spin it into a way to show how much they've grown from that experience and rededicated themselves to the customers.

I have a feeling it will keep diving for a bit.... and it will turn around just as you described, one way or another.

 

[Spunky Porkstacker]

United has announced they will reimburse all passengers on that flight the price of their ticket.

 

[Burque]

I have a feeling it will keep diving for a bit.... and it will turn around just as you described, one way or another.

The low for the year was 37.75 and they are still at 70 plus today. Heck in the last week they were under 70 at one point before this passenger thing happened. If the news cycle turns to something else quickly, this will be long forgotten in short order.

 

[xer0h0ur]

United has announced they will reimburse all passengers on that flight the price of their ticket.

The damage is done already. All the dumbfuck CEO had to do was actually apologize to the doctor and it would have blown over but nope. He gave the most unapologetic apology I have seen yet.