way to create capital gains? I lost a lot of money in the stock market in 08. About 50k of realized long term loss. From what I understand you can only claim 3k loss on your taxes each year and it carries over from year to year until it is gone.
The stock market has me rattled and any money I have now I feel better off using it to grow my own business as opposed to the market.
I have a new S corp and it is profitable. Looking at my taxes it appears the money the s corp makes and that is passed through to me on my tax return is in a different category than the capital gains so I end up paying taxes on all of it and just claiming the 3k a year on the capital loss.
My question is, Is there anyway to somehow make some of the profit from the scorp be capital gains to me so that they could be offset by large capital loss I have? I would rather be able to use the tax credit on the loss all at once than 3k at a time over the next 16 years. |