Texas Society of CPAs sent the below to DC pols. Big for those without trader tax status if they implement https://www.tscpa.org/docs/default-...oronavirus-txcpa-letter.pdf?sfvrsn=bcebdfb1_6 Temporarily Increase the Capital Loss Limitation We recommend temporarily increasing the amount of realized capital losses which may be deducted from ordinary income from the current limit of $3,000 annually to $250,000 annually. We recommend that this loss be available for a carryback to the previous three years. The primary reasons for this change are: • The current Internal Revenue Code (IRC) Section 1211(b) limits the losses from the sales or exchanges of capital assets to $3,000 or $1,500 for married individuals filing separately. • Increasing the limit on deduction of these realized losses to a larger amount will help lessen the economic effect on the affected taxpayers. This limit was set in 1978 and is out of date and out of touch with the real losses that are being suffered as a result of the current economic crisis. • We propose a limit of $250,000 as we feel that this limit will result in tax relief for most middle income taxpayers without being unduly beneficial for high-income taxpayers. • The ability to carry back current losses against prior years’ taxes will provide an immediate infusion of cash to investors and help stabilize capital markets. • Without increasing the availability of capital loss deductions, some may never be utilized. They can be used to offset capital gains: if there is a substantial capital loss, it may be many years before it can be fully used to offset ordinary income in $3,000-per-year increments, with inflation diminishing the tax benefit.
Recommend, sticking a plaster/band aid over the part of your screen that shows the balance on your bank account and continue consuming until computer says NO!!! Burying heads in sand also shows promise.
It's about time. This would take away one of the advantages of trading futures. That 3K should have at least had a CPI factor associated with it from the beginning. Ridiculous it took until now...although doubtful this will get through.
Haa. From $3000 to $250,000 Haaaa. Hilarious right, never ever going to happen. Keep wishing. Could have tried for maybe $25,000 in hopes of getting maybe a $10,000 capital loss but $250,000 haaa. You would be lucky if they double it to $6,000!!!!!
Yeah, it kind of knocks out the whole whining about how long ago it was set part of their argument. Hope these guys are better at accounting than they are at convincing others to go with their ideas!