WSB needs to start making noise about increasing this and adding an inflation factor going forward. It started as a benefit deduction and has remained the same amount, severely reducing its benefit.
We all realize the time value of money but not lawmakers. They know crime, pay for play and THEY don’t lose money on stocks coincidentally so no attention to this matter.
Thank you for today’s attention to this matter from all WSB’s. This will help those in most need of it. Spread the word since my influence is limited by rules.
Loss carryforward needs to increase. $3k since 1978 !!!
byu/paguido instocks
Posted by paguido
7 Comments
Show yer losses
Nah. Don’t see the point. You already have unlimited carryover if you’re actually cancelling out capital gains. Losing everything in the market on a bad bet shouldn’t perpetually absolve you from income tax, that does no good for the economy.
Loss carryforward is unlimited. The $3K limit is for applying capital losses against ordinary income.
Someone lost a shit ton of money because of options and now needs a reprieve lol. Good luck buddy
And Elizabeth Warren needs to stop lying and claiming it’s racist to be that large. It’s worth a fraction of the intent of the original law now so she is an idiot.
Imagine you won’t have any gains in the future. 3K is pretty pointless unless you are a day trader or something
I should be able to borrow a few million lose it all declare bankruptcy and not pay taxes again on income.