Sentences with phrase «deduct as a capital loss»
However, you can deduct as a capital loss the loss you sustain when you sell or exchange the stock or the stock becomes completely worthless.
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As on the stock market, losses can be used to offset capital gains, subject to certain rules, and losses that are not used to offset gains can be deducted — up to $ 3,000 — from other kinds of income.
That way, you can deduct your initial capital loss and deduct the property a second time as a charitable contribution.
A: As a general rule, you can deduct capital loss up to the full amount of your capital gain plus $ 3,000.
As far as I understand, the capital losses will be deducted from my capital gains for determining capital gains taxes and I will only have to pay the effective differencAs far as I understand, the capital losses will be deducted from my capital gains for determining capital gains taxes and I will only have to pay the effective differencas I understand, the capital losses will be deducted from my capital gains for determining capital gains taxes and I will only have to pay the effective difference.
As you mentioned, John, you can not deduct capital losses on investments in your TFSA or RRSP on your tax return.
Capital losses can be used to offset capital gains, and up to $ 3,000 of any net capital loss can be deducted against other income, such as your salary or bank account inCapital losses can be used to offset capital gains, and up to $ 3,000 of any net capital loss can be deducted against other income, such as your salary or bank account incapital gains, and up to $ 3,000 of any net capital loss can be deducted against other income, such as your salary or bank account incapital loss can be deducted against other income, such as your salary or bank account interest.
If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $ 3,000, or $ 1,500 if you are married filing separately.