Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [losses]

63 questions
44
votes
18 answers

I carelessly invested in a stock on a spike near the peak price. How can I salvage my investment?

I carelessly invested on stock on a spike (I have been persuaded by a family member) and now my investment value is really low, as you can see below. Is there anyway to salvage my investment for short-term? Would it be better if I sell my stocks…
John Isaiah Carmona
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39
votes
2 answers

House lost in fire.. tax impact?

Like hundreds of others, I lost my house (primary residence) during the Oregon wildfires in September. I had purchased it just two years ago, so still have ~$210,000 on the mortgage. My homeowners insurance is good and when it processes, I'll have…
Ask About Monica
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24
votes
4 answers

My out-of-the-money call options are near expiration and won't sell in the open market. What are my choices?

I had attempted to sell my contracts off today but was unsuccessful. They are currently OTM options and will expire tomorrow. What can I do to minimize loss and why was I unable to sell?
tinthetub
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17
votes
9 answers

Most common types of financial scams an individual investor should beware of?

We've probably all heard of the Ponzi Scheme, made famous first by Charles Ponzi and more recently by Bernie Madoff: In March 2009, Madoff pleaded guilty to 11 felonies and admitted to turning his wealth management business into a massive…
Chris W. Rea
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12
votes
3 answers

How can I minimize losses on an upside down mortgage for a condo I no longer live in?

I have made a good faith effort to keep up my mortgage payments on a condo that I no longer live in since Oct 2005. In 2005 I had to move out of state for my job and I listed the property for about 60 days before realizing that there was not enough…
anon
10
votes
1 answer

Tax implications of long term financial advisor fraud

Our family trusted financial advisor that was entrusted with over a million dollars (over the past 10 years) filed for his company and personal bankruptcy earlier this year. He admits sending out false statements to his investors and we do not know…
EBro
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10
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1 answer

Would it benefit me to file taxes this year?

Neither my wife or I have worked in over a year. She needed a liver transplant and we left our home in Alaska and moved to the East Coast for better health care. During this entire time my family has supported us financially: flights, hotels, rental…
Soren Adams
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10
votes
1 answer

How to deduct a loss from an investment that went bankrupt?

We had money in a BlockFi account, which went bankrupt at the end of 2022. How can we deduct that loss on our 2022 tax return?
jamaicanworm
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9
votes
1 answer

Can I report a motorcycle theft on my taxes?

I paid $6700 in cash for a motorcycle in January. The same motorcycle was stolen near my apartment 5 months after I bought it. I had insurance but due to a policy technicality the motorcycle was not covered (I know I know) Can I claim this loss on…
Jacksonkr
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7
votes
2 answers

Casualty loss is only basis, not fair market value, for tax purposes?

I just want to verify that I have a correct understanding of the IRS position that casualty loss deductions are only the basis of the property lost, not its fair market value. For example, lets say an old couple has a house for which they paid…
Five Bagger
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6
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1 answer

Foreign currency losing value -- can I report this as a loss for tax purposes?

I live in the U.S., and I have a savings bank account in Ukraine. The money on that account were in UAH (Ukrainian Hryvnia), which lost ~50% of its value during 2014. This means the amount on my account decreased 2x when converted to USD. The…
Olexiy
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5
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2 answers

Should I wait to sell a stock (at a loss) that I have held for less than a year?

I currently hold some shares of a stock that I don't expect to regain much value. I bought this (at a higher price) about 8 months ago. My limited understanding of the way capital gains taxes work in the US (so please correct me if I am wrong) is…
pkaeding
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5
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10 answers

How do I know when to quit trading?

I started trading a few months ago, hoping to make even a small profit from the rebound after April. I followed the advice to stick to large, solid companies. I made some profit, but also a lot of really bad decisions. I managed to buy Boeing when…
user100181
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4
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1 answer

Can I distribute a deduction from rental losses over multiple years?

Situation: During the last decade, I have accumulated significant losses from a rental property; the deductions I can get for that in every year are very limited, so there is pending carryover. Issue: When I sell the property now, all those losses…
Aganju
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4
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2 answers

Rolled over husband's 401(k) to IRA after his death. Can I deduct a loss since?

When I rolled over my husband's 401(k) into an IRA after his death, the beginning balance was 100,000.00 and now the balance is around 10,000.00 If I sell the IRA, can I deduct the loss on my taxes?
user2687
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