Hello, I'd like some input on how to best record a tax credit due to capital loss, and possibly the following usage of such credit. Disclaimer: I'm not doing this for anything worth, it's a personal book that nobody but me sees, so I can take a few liberties and not follow whatever regulation to the letter. Besides, I have no formal education on accounting.
The case is the following: 1 buy security A, cost $100 2 buy security B, cost $100 3 sell security A, get $90 3a → record $10 loss 3b → get a $10 tax credit on following capital gains 4 sell security B, get $120 4a → record $20 gain 4b → offset $10 from 3b 4c → pay tax on the remaining $10 (26%, $2.6 over here) I reckon all jurisdictions have something similar in concept, all with their differences in details. This is a tad further complicated by the fact that each broker has its own "bucket" of credits (can't comingle losses and gains across different brokers). Also the credits expire after 4 years, so I should record under which year they matured. As such, I expect an addition to my CoA, such as: Assets |- Credits |- Capital Loss credits |- broker 1 |- 2020 |- 2021 |- 2022 |- 2023 |- 2024 |- broker 2 |- 2022 ..... I've been using gnucash for ~3 years now, but I always procrastinated on figuring out the 3b/4b steps, just posting the resulting net tax transaction as computed by the broker. For me it's really not obvious what's the opposing account from where the money should come/go... How do people do it here? :) Thank you for all the hints! -- regards, Mattia Rizzolo GPG Key: 66AE 2B4A FCCF 3F52 DA18 4D18 4B04 3FCD B944 4540 .''`. More about me: https://mapreri.org : :' : Launchpad user: https://launchpad.net/~mapreri `. `'` Debian QA page: https://qa.debian.org/developer.php?login=mattia `-
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