VisualMod t1_jedcl5u wrote on March 31, 2023 at 4:45 AM

>Yes, you will still have to pay taxes on your net loss. The wash sale rule exists to prevent people from artificially inflating their losses in order to reduce their tax liability.

maidog6 OP t1_jedcpcg wrote on March 31, 2023 at 4:46 AM

How do i pay taxes on a net loss though? I gotta pay for losing money?

jemilk t1_jedd0ho wrote on March 31, 2023 at 4:49 AM

In US, you can deduct investment losses up to a limit on your return. It can potentially reduce your tax burden.

maidog6 OP t1_jedd6yu wrote on March 31, 2023 at 4:51 AM

Im in the US. So how much would I owe if I lost 4,619. I have no gains. So I have to pay taxes on losing money.

jemilk t1_jeddj0l wrote on March 31, 2023 at 4:55 AM

No. You’d likely owe nothing and have a carryover loss to apply to next year’s gains. But you still have to file the taxes showing you owe nothing.

maidog6 OP t1_jede2fp wrote on March 31, 2023 at 5:01 AM

ah ok. thanks for letting me know this. i appreciate that

sukhoigoldenshower t1_jedd2dh wrote on March 31, 2023 at 4:50 AM

with negative dollars

maidog6 OP t1_jedd8n8 wrote on March 31, 2023 at 4:52 AM

lmaoo. thats how im seeing this.

[deleted] t1_jedl8wy wrote on March 31, 2023 at 6:27 AM

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