Are losses in the NYSE tax deductible?

wldcatwndrgrl: Are losses in the NYSE tax deductible?
I’ve lost nearly 4K this year. What is the law regarding losses on investments?

Answers and Views:

Answer by Big Deal Maker
Have you actually lost the funds or just the possible profits?
Only time you would lose the money is if you sold off the stock at a loss. Then yes it is deductible.

Answer by Doctor Deth
you can only claim a total net loss (losses in excess of gains) of 3000 in any one year – any excess carries over to future years

Answer by Judy
If you have actually sold the stock at a loss, then you can take the first $ 3000 of loss against other income if you have any. You can “carry over” the other $ 1000 to next year and either net it with capial gains then, or deduct it against other income

Answer by jo614
While the other answers are all partially right, you need to be sure that the money is not in an IRA account and that none of the sales are wash sales. No losses are allowed under either circumstance.