With losses mounting from Stock losses and no turnaround visible in the near term, I should Congress should increase the $3,000 capital losses per year!

Anybody have any idea if this is being considered for 2008?

Geat proposal!

But, common get real! Congress will never go for it because it will cost a lot of lost tax revenues.

Just think of the dreaded AMT tax, they only talk about getting rid of it but when it comes time to vote, they shy away because it will cost a loss of $1 Trillion over 10 years!!!!!

My thoughts are to fully support this proposal as well..

I still have not been able to deduct my capital losses incurred during the bubble burst of 2001-2002! My tech losses were in excess of $100,000 and since these losses i stopped investing completely.

So, at the most my CPA told me that I can only writeoff of $3,000 per year! That's ridulous to say the least..It will take me 33 years to writeoff off my losses.

I hold my stocks for a very short period of time so I loose the capitol gains benefit any way. I sometimes even day trade. So after learning that I could only deduct 3000 as losses I was shocked.

Solution: I filed market to market election which treats my investments as ordinary income and lets me write off ALL MY LOSSES as NOL's

read this website that explains more:
TRADER TAX STATUS

Not only can you write off losses but you can write off equipment such as computers, seminars,trader education, and so much more.

There are certain requirements you have to meet such as proving you spend more than part time working on trading stocks. However I trade alot and for me this was the best advantage.

It is not for everyone!