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#2
10-23-2004, 08:33 PM
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 Re: Offset Cap Gains from House with Stock Losses? ML <sonoma03[at]nospam.com> writes: - quote - > I sold a house this year and will have some capital gains
You're correct. Just to make sure, only TAXABLE gain from> from the sale. I own some stocks and mutual funds that are > at big losses from their cost basis, thanks to the tech > stock meltdown. Can I sell those stocks and use the losses > to offset the capital gains from the house sale? I looked > on Schedule D and it looks like that can be done, since the > capital gains/losses from both the house and the stocks > appear to get added together, but I wanted to confirm. the sale of the house enters into this equation. See IRS Publication 523. Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
10-22-2004, 06:07 AM
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| Re: Offset Cap Gains from House with Stock Losses? "ML" <sonoma03[at]nospam.com> wrote: - quote - > I sold a house this year and will have some capital gains
Yes> from the sale. I own some stocks and mutual funds that are > at big losses from their cost basis, thanks to the tech > stock meltdown. Can I sell those stocks and use the losses > to offset the capital gains from the house sale? I looked > on Schedule D and it looks like that can be done, since the > capital gains/losses from both the house and the stocks > appear to get added together, but I wanted to confirm. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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10-22-2004, 05:47 AM
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| Re: Offset Cap Gains from House with Stock Losses? - quote - > I sold a house this year and will have some capital gains
Yes, although losses on the home are not deductible, gains> from the sale. I own some stocks and mutual funds that are > at big losses from their cost basis, thanks to the tech > stock meltdown. Can I sell those stocks and use the losses > to offset the capital gains from the house sale? I looked > on Schedule D and it looks like that can be done, since the > capital gains/losses from both the house and the stocks > appear to get added together, but I wanted to confirm. reported on the sale may be reduced by capital losses from stocks, etc. "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!=  << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
10-19-2004, 03:46 PM
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| Offset Cap Gains from House with Stock Losses? I sold a house this year and will have some capital gains from the sale. I own some stocks and mutual funds that are at big losses from their cost basis, thanks to the tech stock meltdown. Can I sell those stocks and use the losses to offset the capital gains from the house sale? I looked on Schedule D and it looks like that can be done, since the capital gains/losses from both the house and the stocks appear to get added together, but I wanted to confirm. Thanks for your help. Mary << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| cap, gains, house, losses, offset, stock |
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