Deductions and losses (3of3) Net capital losses not deductible Casualty losses fully deductible Charitable contribution limits 16
16 Deductions and Losses (3 of 3) Net capital losses not deductible Casualty losses fully deductible Charitable contribution limits
Capital and $1231 Gains and Losses (1 of 2) Net capital gain taxed at ordinary income rates Net capital losses cannot offset ordinary income Net capital losses carryback 3 years and forward 5 years Expired losses are lost forever
17 Capital and §1231 Gains and Losses (1 of 2) Net capital gain taxed at ordinary income rates Net capital losses cannot offset ordinary income Net capital losses carryback 3 years and forward 5 years –Expired losses are lost forever