Hello - I plan on selling some stock at a loss. How will this impact my taxes and how do I calculate any taxes that I may need to pay? Thank you

[DoninGA]

There are no taxes owed on an investment loss.

[fanfare]

Unless you are excused by the Detail Reporting Exception, IRS requires you to report all asset SELL transactions in detail.

report your loss on Schedule D.

$3,000 is the most loss you can deduct in one year, the rest is carried forward

@jlg1173-gmail-co 

[VolvoGirl · Accepted solution]

If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return.  The rest you have to carryover to next year.  You have to report the carryover every year until it's used up.  You can't skip a year.