Stock Salecapital Gainslosshow To Approach
Q: I had bought some stock in 1999 investing $11,000 (Eleven Thousand). I relocated to Canada the following year. My Brokerage account was transferred to the Canadian branch of the same company. Recently, I have moved back to USA. My Brokerage account has once again been transferred back to the original US Company under a new Account number. Stock is now worth $1000 . I want to sell the stock and claim CAPITAL LOSS. Loss I can claim is limited to $3000.
Question:
What is best approach for me to sell the stock now and realize CAPITAL Loss ? What measures do I need to take to prove to IRS that it was a Loss of $10,000 and not a gain of $1000 ? Is there any way to claim $10,000 loss and not just the $3000 (i.e. How to maximize) ?
A: > I had bought some stock in 1999 investing $11,000 (Eleven Thousand). > I relocated to Canada the following year. > My Brokerage account was transferred to the Canadian branch of the same > company. > Recently, I have moved back to USA. > My Brokerage account has once again been transferred back to the original US > Company under a new Account number. > Stock is now worth $1000 . > I want to sell the stock and claim CAPITAL LOSS. Loss I can claim is > limited to $3000. After you have use it to offset capital gains. > Question: > What is best approach for me to sell the stock now and realize CAPITAL Loss > ? Sell it in the year with capital gains. > What measures do I need to take to prove to IRS that it was a Loss of > $10,000 and not a gain of $1000 ? By filling in the correct numbers on Schedule D and signing your tax return. > Is there any way to claim $10,000 loss and not just the $3000 (i.e. How to > maximize) ? Offset it against cap gains. Or carry over to future years anything after $3,000. Telling your broker to sell is a good start. > What measures do I need to take to prove to IRS that it was a Loss of > $10,000 and not a gain of $1000 ? Filling out Schedule D..... > Is there any way to claim $10,000 loss and not just the $3000 (i.e. How to > maximize) ? You can claim whatever the loss is, deducting more than $3k is not allowed. .
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