Ask Terry Questions Capital gains taxes

Capital gains taxes

By Terry Savage on October 12, 2015 | Taxes & Economy

Your article in the Denver Post 10/11/15 says in noting 4. “This loss is limited to$3,000 per year per person”. I file jointly and the total loss allowed is $3,000, not $6,000, as inferred from your article. Please correct it, or cite why my CPA has been wrong for years!

Terry Says:  The article says, as you note, ” $3,000 per year per person.”  How could I make that any clearer??  If you are filing jointly each of you gets to take a $3,000 loss.  Now, if the trading account was in YOUR name only, then please do ask your CPA if it is legitimate to take the full $6,000 loss on a joint return.  I’m not so sure what would happen if you are audited!  But your CPA probably knows the case law on this.

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