By: winsonlee118
24/10/2008
4:28 pm Yahoo! Profile:
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in terms of tax purposes is there any difference between a trader and investor ?
so does that mean that you can offset the profit with the losses within the same category ? How do you actually define as the same category ? is commodities, shares and currency consider as same category ?
Property capital gain can it be offset with share losses ? |
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By: ecchi.gaijin
24/10/2008
3:35 pm Yahoo! Profile:
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First question you need to answer is are you an investor or a trader?
Investor? you can only use the losses to reduce any CAPITAL gains in the same or later years, not your salary or wages income. |
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By: winsonlee118
24/10/2008
9:28 am Yahoo! Profile:
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How can I go about deducting my share losses ?
a) Can I go about deducting it by Salary - Share losses ?
eg my salary is $40k and my losses is $10k. I am being tax at $40k or $30k ?
b) or it can only be deducted against the gain within that year ?
eg my salary is $40k. Losses = $10k. Profit = $3k. Tax is applicable to $40k as losses is more then profit.
c) or it can be deducted within the gain for the next few years ?
eg Year 1, losses = $10k. Year 2, profit = $12k. Am i only being tax at the rate of salary + 2k in year 2 ? If the above situation is applicable, what if I only make my profit 10 years later ? Does that mean that I can still deduct my profit - losses 10 years ago ? |
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