yes, if
Posted By: radMT on 2009-01-22
In Reply to: Tax write off - Bunion
Losses in the stock market are called "capital loss" and would be filed on a Schedule D, assuming you SOLD the stock at a loss during the tax year. If it's just sitting there in your account losing value, there has been no "taxable event" and you don't get any deduction--the same way you don't pay any taxes on stock that is going up in value until you sell it. If you have capital loss, it offsets any capital gain, and then if you have more loss than gain, you can use $3000 of it against ordinary income (wages, etc). If you still have loss left over after that, you carry it forward to future years where it, again, will first offset capital gains and then $3000 worth of ordinary income each year.
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