{ "media_type": "text", "post_content": "Is it true that you can only deduct 3k per year in losses from your brokerage? I had a 30k realized loss this year and was not aware that I can only claim 3k per year. If there is a cap on claiming losses why arr bonuses and gains taxed at full? I get a 20k bonus but only get 12k in hand. I lose 30k gambling but I can only claim 3k, this makes no sense", "post_id": "61aa60d8d967940036d51897", "reply_count": 32, "vote_count": 7, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter", "feed_type": "bowl" }

Is it true that you can only deduct 3k per year in losses from your brokerage? I had a 30k realized loss this year and was not aware that I can only claim 3k per year. If there is a cap on claiming losses why arr bonuses and gains taxed at full? I get a 20k bonus but only get 12k in hand. I lose 30k gambling but I can only claim 3k, this makes no sense

funny
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You are conflating several different unrelated issues. It will take a while to address all of them, see below.

The short answer is that you have a lot of misunderstandings about how taxes work, so I feel you’d benefit from having at least some tax software or potentially a tax accountant help you prepare them and get straight. Below are some starting points.

likesmarthelpful

What if you have 1099 income instead of W2 income? Do the same rules apply?

You can offset losses against gains without limit. Any leftover loss can offset ordinary income up to 3k per year. You will eventually use your whole loss either against capital gains or ordinary incomes. Gambling losses can only be used against gambling winnings and only if you itemize

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You can deduct capital losses against capital gains. If you still have losses leftover after that, you can only deduct up to 3k a year against ordinary income. I believe gambling losses are not capital losses so they may have a separate rule related to itemizing.

Also you may have a gambling problem. I would address that before complaining about tax laws.

likehelpfulfunny

Investors can choose when they buy or sell, so the tax code puts limits on losses to prevent the wealthy from taking huge tax harvesting losses every year.

No one like paying taxes.

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If you have any capital gains up to 30k I would take them this year to take advantage of the huge loss.

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It all depends on the specifics. Making some assumptions, if OP had $30k of gain to offset, then the value of the loss could be $30k x 15% LTCG rate = $4,500.

Compare that to $3k offset against ordinary income; if they’re in the 35% tax bracket the value is $1,050 per year for the next ten years.

No one seems to wonder about the 30k gambling loss. I know I’m not a gambler but is that normal on the gambling world?

Not sure if they are referring to investing as gambling or if there is other gambling involved. They have not responded to any of the other posts so who knows

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Let me clarify. My net brokerage losses and capital gains realized for this year are negative 30k. Meaning I sold everything that was in profit and in loss and im left with a net realized loss of 30k. This was my first year with such huge losses in the market and I also received about 20k extra salary in the form of bonuses.

My simple question is, can I write off 30k when I file my returns to reduce my taxable income? So if my w2 says 150k with salary and bonus, can I deduct 30k on top of the 12.5k standard deduction?

Additional investment income tax plus state could put you over 40

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