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How You Can Lose Money on Paper And Still Win at Tax Time Like Romney

26 December 2012

We’re programmed to hate losses. A loss tends to mean that you did something wrong, made a poor move or chose the ill-advised option. But in the tax world, a loss isn’t always a bad thing. Losses on paper sometimes means a win at tax time – just ask Mitt Romney. Romney’s 2010 federal income […]

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9 Tax-Related Myths About Selling Your Home

10 October 2012

I am moving. It feels weird to finally say that out loud (er, yes, the blog counts as out loud). I have lived in my current home in Philadelphia for fourteen years: my entire adult life, more or less. In that time, I’ve stored up a whole houseful of memories. I have hosted Thanksgiving dinners […]

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All You Need to Know About IPOs, Going Public and Stock Options

14 May 2012

Admit it. For weeks now, you’ve been dropping the terms “IPO” and “going public” and “stock options” in water cooler conversation and at cocktail parties and you don’t really know what they mean. Or how they make people rich. Or why it matters to you. And it’s totally Facebook’s fault. As you know, Facebook is […]

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Taxes From A to Z: C Is For Capital Losses

5 March 2012

C is for Capital Losses. We hear a lot in the tax world about capital gains. But what about its counterpart, capital losses? You don’t see a lot written about losses because, let’s face it, they’re a bit of a downer. Nobody wants to talking about losing money. It’s much more fun to talk about […]

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A Loss By Any Other Name Isn’t the Same: All About Capital Losses (And Gains)

8 August 2011

That horrible crash you heard today? It was the market. And it was not pretty. The Dow fell 630 points today, marking the worst day for investors in three years. As a result, you can’t swing a cat without some kind of market analysis. Except here. Between you and I, I don’t know enough about […]

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What the Heck is Basis, Anyway?

20 July 2010

Last week, I committed a terrible tax blogging sin: I used jargon. I try not to use jargon on my blog. I find it annoying, for one, because who wants to actually sound like a tax attorney (no offense to my esteemed colleagues). But more importantly, what’s the point of reading a blog that you […]

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Ask the taxgirl: New cars, tax deductions and losses

23 June 2009

Taxpayer asks: Earlier this year, I agreed to co-sign on a loan for my adult son for a new car so that he could get to work. He made the first payment and has not made payments since. I have made all of the other payments. I have 2 questions: Since I really bought the […]

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Twitter Tax Tips #15

17 March 2009

Losses aren’t taxable losses until realized (even if they suck). If no sale or other taxable event, no taxable loss. #TwitterTaxTip (For more on twitter tax tips, see my prior explanatory post.)

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Some Straight Talk On Capital Losses

22 September 2008

As a result of the recent volatility on the stock market, I’ve received a bunch of questions about claiming losses on individual tax returns. What’s been made clear is that there are a lot of misperceptions floating about… I thought I’d try and set some things straight. To keep it simple, I’m going to focus […]

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Ask the taxgirl: Loss Carry Forward and Divorce

23 April 2008

Taxpayer asks: Hi– Was wondering if you could advise on what happens if a married couple has, say, a capital loss carryover, and the couple divorces. Do they just split the carryover down the middle? Can they negotiate the amount each takes? Does the carryover amount change with a filing status change? Taxgirl says: Divorce […]

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