• Aaron

    Question for you…i want to deduct a capital loss of 1,000 dollars- but my income is very low- so i don’t think i owe income taxes…could i still get a tax refund or whatever for a capital loss?

  • Aaron

    Question for you…i want to deduct a capital loss of 1,000 dollars- but my income is very low- so i don’t think i owe income taxes…could i still get a tax refund or whatever for a capital loss?

    • Kira Botkin

      No, capital loss is not a refundable deduction.

      • http://www.facebook.com/airon15 Aaron Rose

        Okay, so I wouldn’t get money from the IRS for a capital loss then”

        • Kira Botkin

          I’m not sure what bottom you’re referring to, but you can only use a capital loss to reduce your taxable income, and if you don’t have any, it won’t get you a refund, and you don’t have enough to roll to next year.

      • http://www.facebook.com/airon15 Aaron Rose

        See bottom- just so i’m clear.

  • Ray Smith

    I have a timeshare fully paid for that i recently disposed of costing me a couple of thousand. is this loss a tax deduction on form 4684?

    • Kira Botkin

      If this was investment property, you can take a capital loss, but a timeshare is hard to pass off as an investment property. Form 4684 is for losses when something is damaged or stolen.

  • Kerry

    I sold a time share that I bought in 2000 for $17,000.00 I sold it last year for $4,700.00 I received a 1099-S for the $4,700.00. Do I need to report it since I had a loss? If so where do I report it?

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