what is the max amount of loss for year 2005

**yhan** Sat Dec 10, 2005 1:21 am

what is the max amount of loss for year 2005
I am trying to sell some stocks to claim capital loss. What is the max amount that I can claim? I somehow remember it is $3500, haven't yet find IRS publication to confirm it.

Anybody knows?

**yhan** Sat Dec 10, 2005 1:41 am

Capital Losses http://www.irs.gov/publications/p550/ch04.html#d0e8654

If your capital losses are more than your capital gains, you can claim a capital loss deduction. Report the deduction on line 13 of Form 1040, enclosed in parentheses.
Limit on deduction. Your allowable capital loss deduction, figured on Schedule D, is the lesser of:

1.

$3,000 ($1,500 if you are married and file a separate return), or
2.

Your total net loss as shown on line 16 of Schedule D.

You can use your total net loss to reduce your income dollar for dollar, up to the $3,000 limit.

**blast_investor** Sat Dec 10, 2005 2:08 am

Historically, maximum net capital gain loss claim in personal tax filing has been $3000 per year against regular income.

Check with IRS for latest information.