On Wed, Jan 24, 2024 at 08:26:02AM -0800, Patrick James wrote: > So if you have a DR balance in your Brokerage 1 2020 account, then > you'd credit that account if you sold for a gain today, until the > account balance is zero, and then you'd credit 2021 for the leftover > CR amount, up to the 2021 DR balance, and so on and so forth.
Exactly.
> Eventually you'll run out of gain, or you'll have to credit the remaining CR
> balance to the current year account (Brokerage 1 2024), which you might be
> able to offset with a future DR, if you sold something for a loss, and that
> future transaction meets the right windows of time.
If I run out of past credits then that's a final gain, that's taxable
the moment it's realized (and some brokers straightly withold it from
the selling price!), it's not possible to offset with a future loss
within the same year.
For a bit of background: here in Italy there are 2 main tax regimes for
securities: this one I'm having, where brokers do all the work, where
load prices is the average of the buys, and it has its quirks; and then
the other where the owner does all the work, and the prices are
accounted with a LIFO, and it has its quirks; in this letter regime
indeed I could offset gains and losses as you expect them to, just
summing up all the gains and losses in a year, and pay tax on the
difference, but it's usually not really as convinient as it seems due to
additional reporting requirements.
--
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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