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Onvia Inc. Message Board

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  • kg2931 kg2931 Dec 29, 2001 9:35 PM Flag

    My ONVI's worth $18 per share,

    Yeah that's an idea. The only thing is that I don't want to report capital loss this year. I need to report some gains in order to write off my investment expenses. You see, this fine IRS system only lets you write off investment expense if you had capital gains. In Yr2001 I had about $7K in investment expense (margin interest - yes I am an idiot). In order to claim this on my schedule B I have to have at least one dollar of capital gains which I don't to date. If I had even a 1 dollar gain to show, I could write off that dollar only but claim the entire 7K on sched B. THe ineligible portion of the 7K could then be carried over to the next years taxes provided I have gains to claim at that time.

    But Noooooooooo! IRS doesn't let you claim investment expense if you had capital loss for the year, only capital gains. So, I forfeit (eat) $7K of investment expense forever! Gotta love the IRS. Now I understand why some don't bother to file taxes.

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