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Simple English definitions for legal terms

long-term capital loss

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A quick definition of long-term capital loss:

A long-term capital loss is when you lose money by selling something you've owned for a long time, like a house or stocks. It's not a good thing because you're losing money, but it's different from losing something in a disaster or accident. The government has rules about how you can use long-term capital losses to reduce your taxes.

A more thorough explanation:

A long-term capital loss is when you sell or exchange a capital asset for less than what you paid for it after holding it for an extended period, usually at least 12 months. This loss can be used to offset capital gains and reduce your tax liability.

  • If you bought a stock for $1,000 and sold it for $800 after holding it for 18 months, you would have a long-term capital loss of $200.
  • If you sold a rental property for $200,000 but its adjusted value was $250,000, you would have a long-term capital loss of $50,000.

These examples illustrate how a long-term capital loss occurs when you sell a capital asset for less than its original cost after holding it for an extended period. This loss can be used to offset capital gains and reduce your tax liability.

long-term capital gain | long-term debt

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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