Question

When filing your tax return, what is the maximum amount you can deduct for a capital loss?.

Answer 1

When filing your tax return, the maximum amount you can deduct for a capital loss is $3,000(for individuals and married filing jointly) or $1,500 (for married filing separately).

What is a tax return?

A tax return is such or more forms submitted to a taxing body that include earnings, outlays, and other crucial tax data.

Tax returns give taxpayers the option to determine their tax liability, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required.

Some characteristics is of tax returns are-

• For just an individual or corporation having reportable income, such as wages, interests, dividends, capital appreciation, or other earnings, tax returns must typically be filed annually.
• The tax return is just a document submitted to a taxing authority that lists earnings, outlays, and other pertinent financial data.
• Taxpayers compute their tax liabilities, set up tax payments, and request refunds for overpaid taxes on their tax returns.
• Tax returns must typically be filed yearly.

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