Read an article on taxes related to stocks recently stating "Deducting Losses. If your capital losses are more than your capital gains, you can deduct the difference as a loss on your tax return. This loss is limited to $3,000 per year per person, or $1,500 if you are married and file a separate return. Any excess losses can be carried forward to future years. But you cannot deduct losses on the sale of property that you hold for personal use, such as your home or car."
If this is the case, then if I am a college student currently in a 10-15% tax bracket, can I gamble with stocks with a sort of "insurance" amount of 3000 dollars per year in losses knowing that even though I pay no taxes, I will build up excess losses that I can deduct from later taxes once I get a job and enter a higher tax bracket?
If thats the case doesn't that mean I'm basically able to put 3000 dollars into the stock market at the start of each year with virtually zero risk of losing money in the long run?
I'm very new to taxes so help would be appreciated!
Submitted March 15, 2018 at 03:51AM by roverttt http://ift.tt/2FD0g5T
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