/biz/ - Business & Finance

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Anonymous Mon Mar 30 19:16:53 2020 No.18192518 [Reply] [Original]

Hello /biz/. Long time lurker, life time wagie, first time stock buyer here.

I have a question about taxes relating to my $3,000 purchase of stocks last Tuesday. The stock that I purchased is not important, but it is extremely likely that the company will go bankrupt if the pandemic isn't controlled soon.

If I am wrong about my bet and the company goes under and my $3,000 goes poof, can I claim this loss against the taxes I owe for my regular jobs income? For instance, if I made $65,000 this year and paid the proper amount of taxes out of my paychecks, would I effectively get that $3,000 I lost back as a tax deduction?

Anonymous Mon Mar 30 19:23:07 2020 No.18192612

>>18192518
No, it won't reduce your taxes dollar for dollar.
You have to file Schedule D, capital gainz and losses form with your 2020 tax return next year. If you lost all this investment you can put a $3k loss on that form, and with some calculation fuckery it will reduce your taxable income. Read the form instructions if you want to see the exact way to calculate it. Or you can find some online calculators to see how it will affect the bottom line.

Careful because there is a maximum limit to losses you can claim. So don't go doing stupid shit like this and lose $15k, because I think you can only claim $6k per year in losses.

Its all here:
https://www.irs.gov/forms-pubs/about-schedule-d-form-1040

>>	Anonymous Mon Mar 30 19:44:59 2020 No.18192975 >>18192612 Thanks for the info. Some would say I should probably talk to an accountant about this and they are probably right, I'll read into this. Thanks!

Anonymous Mon Mar 30 20:14:45 2020 No.18193406

>>18192518
https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0
>If a taxpayer’s capital losses are more than their capital gains, they can deduct the difference as a loss on their tax return. This loss is limited to $3,000 per year, or $1,500 if married and filing a separate return.
I don't know much yank shit but I ran it through Google. Looks like you're good for $3k unless you're married

>>	Anonymous Mon Mar 30 20:26:37 2020 No.18193613 File: 60 KB, 218x232, 1552754371119.png [View same] [iqdb] [saucenao] [google] >>18192518 How is he gonna drink that beer? I wish I could drink through my suit.

>>	Anonymous Mon Mar 30 20:29:11 2020 No.18193659 File: 110 KB, 1117x1200, frenn.jpg [View same] [iqdb] [saucenao] [google] >>18192518 Tell me what stock it is and I will tell you exactly what to do.

>>	Anonymous Mon Mar 30 21:26:22 2020 No.18194463 >>18193659 big boats

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