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4/5/2010 9:22:09 AM EDT
OK. Question for you financial tycoon's out there. 99% of my "investment" monies are tied up in CD's, long term mutuals, life insurance, 401K etc.

Bought a couple hundred shares of a stock about 10 years ago (near its peak). As we know most stuff tanked, but now the stock is up to about 70% of its original worth, and I need the cash for a near term requirement. The question? Is there a legitimate "write off" for say this year 2010 as a loss when I file taxes next April?

Thanks for the help!

4/5/2010 9:33:15 AM EDT
[#1]

You can write off a realized loss. I assume it's not in your 401K or some other tax deferred plan.
4/5/2010 9:35:31 AM EDT
[#2]
Quoted:

You can write off a realized loss. I assume it's not in your 401K or some other tax deferred plan.


Thats correct. It was just an excess (free) cash investment.
What do you mean by "realized" loss?
4/5/2010 9:53:32 AM EDT
[#3]
Quoted:
Thats correct. It was just an excess (free) cash investment.
What do you mean by "realized" loss?


It means you sold it for less than you bought the stock and actually lost the money. You do not have a realized loss yet, until you sell the stock.
4/5/2010 9:54:43 AM EDT
[#4]
Quoted:
Quoted:
Thats correct. It was just an excess (free) cash investment.
What do you mean by "realized" loss?


It means you sold it for less than you bought the stock and actually lost the money. You do not have a realized loss yet, until you sell the stock.


Thanks Gents for the help!!!!!
4/5/2010 9:57:37 AM EDT
[#5]
There's a limit to how much capital losses you can deduct per year... I think it's somewhere around 3K.  

If your loss is more than the limit, you can roll the remaining loss over into the next tax year.
4/5/2010 12:55:35 PM EDT
[#6]
Turbotax will prompt you through all of it.  I think they let you download a free copy to play with?
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