Thank you Geoff!
Yours is probably closer to what I had in mind when I started the thread.
Thank you in particular for your precise screenshot, that's very helpful.
I'll try to decide what's effectively best for me now, since it's not so
obviously clear.
On Thu, Jan 25, 2024 at 6:36 AM Geoff wr
> If I run out of past credits then that's a final gain, that's taxable
> the moment it's realized (and some brokers straightly withold it from
> the selling price!), it's not possible to offset with a future loss
> within the same year.
It should be total obvious that to minimize taxes if you wer
On Wed, Jan 24, 2024 at 08:26:02AM -0800, Patrick James wrote:
> So if you have a DR balance in your Brokerage 1 2020 account, then
> you'd credit that account if you sold for a gain today, until the
> account balance is zero, and then you'd credit 2021 for the leftover
> CR amount, up to the 2021
Ah. I missed the carryover part. That does complicate things. Sorry for the
noise.
David T.
On Jan 24, 2024, 6:55 PM, at 6:55 PM, Mattia Rizzolo wrote:
>Here we don't do LT/ST, but it's only possible to offset losses up to
>the end of the 4th year after the loss was realized. Meaning that 2
You mention picking the earliest year to minimize the tax liability (i.e.
maximize the loss matching), but within a window of time.
> On 01/24/2024 7:53 AM PST Mattia Rizzolo wrote:
>
> Besides, one offests losses by fist pickin the
> furtherst year first, so it's good to know how much is left
I also should add that I am not an accountant. Having said that...
I'd do like David said... since the category is called Capital "Gains", I'd
make it an Income category, with sub-categories for each broker (hopefully
there aren't too many), and maybe every year.
I say "maybe" because if you just
(and the attachemnt)
On Wed, Jan 24, 2024 at 04:53:57PM +0100, Mattia Rizzolo wrote:
> Here we don't do LT/ST, but it's only possible to offset losses up to
> the end of the 4th year after the loss was realized. Meaning that 2019
> losses are now in stone. Besides, one offests losses by fist pic
Here we don't do LT/ST, but it's only possible to offset losses up to
the end of the 4th year after the loss was realized. Meaning that 2019
losses are now in stone. Besides, one offests losses by fist pickin the
furtherst year first, so it's good to know how much is left to offset
from each give
Likewise not an accountant.
In the US (my tax authority), gains are taxed at two rates (long term and short
term), and gains and losses offset each other. I maintain separate income
accounts for short term and long term gains/losses (income accounts because I'm
an optimist!). These are placed
Again keeping in mind that I am NOT a tax authority.
Now that we're on the equity side, let's move forward with your tracking.
I very much doubt that you need two separate accounts for the losses and gains;
from what you're suggesting, you need to match some gains with some losses. I
would matc
Thank you Patrick for your suggestion!
I see what you are suggesting here… Mh.
It could easily become very messy as the rules for offsetting gains is
fairly annoying here: gains some financial instruments can offset losses
only from some other particular financial instruments (i.e., "gains"
from
Let's start with your best bet is to work with your tax professional as to how
best to keep track of what's needed for taxes.
In the US, what you call a "credit" generally would not be an asset account.
The "credit" would be a potential offset to some future gain, if there is any
future gain, s
Hello,
I'd like some input on how to best record a tax credit due to capital
loss, and possibly the following usage of such credit.
Disclaimer: I'm not doing this for anything worth, it's a personal book
that nobody but me sees, so I can take a few liberties and not follow
whatever regulation to t
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