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From: wjm@whuxj.UUCP (MITCHELL)
Newsgroups: net.taxes
Subject: Re: Investment Losses
Message-ID: <99@whuxj.UUCP>
Date: Thu, 2-Feb-84 11:01:33 EST
Article-I.D.: whuxj.99
Posted: Thu Feb  2 11:01:33 1984
Date-Received: Wed, 8-Feb-84 00:45:02 EST
Organization: Bell Labs, Whippany, N.J.
Lines: 11

You can deduct losses from INVESTMENT property (i.e. stocks, bonds, metals,
etc.) on Schedule D of Form 1040.  It may be a long or short term capita
loss depending on the holding period (1 year for most things, but there
are some exceptions - e.g. 6 months for commodities).  The maximum loss
you can deduct in any one year is $3,000. but you can carry the unused
excess forward to other years.  Losses on personal property are NOT deductable
(although gains on these items are taxable income).  For more information,
get a good tax guide (see my next article).
Bill Mitchell
CSO
Whippany, NJ (whuxj!wjm)