if i buy a stock and hold it for a full year and sell it for a loss, is the loss 100% tax deductable, if i owe more than the standard deduction. thanks, long live the caspian sea pipeline routes
from my understanding it is deducted off your income (with a max write off of 3000 per year and any more losses carried to the next year) so say you make $30,000 a year salary you lose 3000 in the stock market that year you only get taxed for $27,000 that year if I am wrong - someone correct me