taxes

I have lost $37,000.00 of money saved in the stock ...

I have lost $37,000.00 of money saved in the stock market via mutual funds decline. Can this money loss be applied against personal income such as wages, bank interest. Is there a way that I can make good on it and use the loss constructively? Would appreciate any help that you can give to me. bufeustace@aol.com

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Featured Answer From WalletPop

Tracy L. Coenen Answered:

Have you actually sold the mutual funds? If you haven't sold them, you can't take a deduction. If you have sold them, creating a "realized" loss, then you can deduct at least part of the loss. You can use the loss to offset any capital gains you had for the year, and also deduct an additional $3,000 in losses. The remainder of the losses will have to be carried over to future years and deducted then.

Posted 3 years ago

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