# Shares Tanked



## LordBinky (Dec 11, 2019)

Sunk $1000 into some shares and they are now worth $159.00. What the tax deductible situation regarding that loss? Thanks


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## mbd (Aug 27, 2018)

you can deduct up to 3000 on losses 
So you are not down 841, but only 680ish 😁
you can carry it over for next year if more than 3k L... but max dedication 3000


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## mbd (Aug 27, 2018)

mbd said:


> you can deduct up to 3000 on losses
> So you are not down 841, but only 680ish &#128513;
> you can carry it over for next year if more than 3k L... but max dedication 3000


Deduction&#128513;


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## LordBinky (Dec 11, 2019)

Why not 841? How do you arrive at 680?


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## Invisible (Jun 15, 2018)

Please consult your fax professional, not some random strangers online.


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## LordBinky (Dec 11, 2019)

And who might you be? I'm just asking a question. Nobody on here will be doing my tax return, but it'd be useful knowledge for when I do consult a professional. If we took your approach, there wouldn't be a TAX topic in these forums.


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## mbd (Aug 27, 2018)

LordBinky said:


> Why not 841? How do you arrive at 680?


Tax savings on the loss &#128513; around 160ish



LordBinky said:


> Why not 841? How do you arrive at 680?


Did you buy some otc stock , low mkt cap ?


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## LordBinky (Dec 11, 2019)

Yeah


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## mbd (Aug 27, 2018)

People dump losers at the end of the year to offset gainers, tax savings, then wait 30 days
Stay away from low mkt cap, otc, high yielding div stocks . Most will end up losers.
OTC moves only on news, then it is a slow bataan death march 😁


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## Illini (Mar 14, 2019)

Invisible said:


> Please consult your fax professional, not some *random* strangers online.


We're not random. We all have a common interest. :wink:


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## mbd (Aug 27, 2018)

LordBinky said:


> Sunk $1000 into some shares and they are now worth $159.00. What the tax deductible situation regarding that loss? Thanks


You got to dump it to take the loss


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## UberTaxPro (Oct 3, 2014)

LordBinky said:


> Sunk $1000 into some shares and they are now worth $159.00. What the tax deductible situation regarding that loss? Thanks


Did you buy Uber Stock at its initial public offering?
Unless you are a "mark to market" stock trader you can't deduct anything until you sell the stock. 
If you sell it before the end of the year you can deduct your loss up to $3000 per year.


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## LordBinky (Dec 11, 2019)

Thank you!


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## LADryver (Jun 6, 2017)

LordBinky said:


> Sunk $1000 into some shares and they are now worth $159.00. What the tax deductible situation regarding that loss? Thanks


You have to sell them first. Then use Schedule D. If they are kept, you ride out this turbulence and see what happens



mbd said:


> Tax savings on the loss &#128513; around 160ish
> 
> 
> Did you buy some otc stock , low mkt cap ?


You do not know the tax bracket. You are the most random stranger.


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## Who is John Galt? (Sep 28, 2016)

LordBinky said:


> Sunk $1000 into some shares and they are now worth $159.00. What the tax deductible situation regarding that loss? Thanks


It is not a loss until you crystallize it by selling. Although your tax rules may be different to mine.

.


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