[net.taxes] Investment Losses

wjm@whuxj.UUCP (MITCHELL) (02/02/84)

You can deduct losses from INVESTMENT property (i.e. stocks, bonds, metals,
etc.) on Schedule D of Form 1040.  It may be a long or short term capita
loss depending on the holding period (1 year for most things, but there
are some exceptions - e.g. 6 months for commodities).  The maximum loss
you can deduct in any one year is $3,000. but you can carry the unused
excess forward to other years.  Losses on personal property are NOT deductable
(although gains on these items are taxable income).  For more information,
get a good tax guide (see my next article).
Bill Mitchell
CSO
Whippany, NJ (whuxj!wjm)