Per Diem Rates from the U.S. General Services Administration

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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").

Per Diem Rates

8 Rules for Capital Losses

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1. Annual deduction limit: The deduction limit for a net capital loss in any one year is $3,000.
2. Excess loss over $3,000: If a capital loss exceeds $3,000 in any tax year, the excess over $3,000 may be carried forward to future tax years indefinitely, until used up. Individuals may not carry back a net capital loss to prior years.
   Caution! Due to the wash-sale rule, do not repurchase any stock you sold for a loss within 30 days, or the capital loss does not qualify for beneficial tax treatment.
3. Carrying forward a capital loss: Treat the loss as if it was incurred in the carryover year. Include the carryover loss in the computation of net capital gains and losses incurred in that tax year. A long-term capital loss and short-term capital loss retain their original character as long-term or short-term in the carryover year.
4. Where to deduct a capital loss: A capital loss is reported on Form 8949 and Schedule D and deducted on Form 1040 or Form 1040-SR, Line 7.
   1. Use Form 8949 to reconcile amounts reported to you and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts you report on your return. 
   2. The subtotals from Form 8949 are  carried to Schedule D (Form 1040), where gain or loss is calculated in aggregate.
   3. Form 8949 historical note: Beginning in 2011, Form 8949 was introduced. Consequently, instead of reporting capital gains and losses directly on Schedule D, as was the case prior to 2011, capital asset transactions reported to the taxpayer and the IRS on Form 1099-B were now required to be reported on Form 8949. The results reported on Form 8949 are carried to Schedule D.
5. How to deduct capital losses: Begin by deducting net capital losses from capital gains in the following order:
   1. First, reduce any gains subject to the 28% rate (e.g., gains on collectibles and qualified small business stock).
   2. Next, use any remaining loss to reduce gains subject to the 25% rate (e.g., unrecaptured Section 1250 gains).
   3. Finally, use any remaining loss to reduce gains subject to the lowest capital gains rates.
      1. If any net capital loss still remains after the above procedure is completed, deduct up to $3,000 from other income reported on Form 1040 or Form 1040-SR.
      2. Any excess loss over $3,000 is carry forward to the next tax year.
      3. The loss retains its original character as short-term or long-term.
6. Married couples: Married couples may only deduct up to $3,000 of net capital losses on a joint return or $1,500 each if filing separate returns. Neither spouse may deduct the other's loss on his separate return.
7. Related taxpayers: A loss on a sale to a related taxpayer may not be deducted.
8. Deceased taxpayer: If a taxpayer dies and has a capital loss on his own property, the loss may be deducted up to $3,000 on his final return. If the loss exceeds the $3,000 limit, the excess over $3,000 is lost forever (it may not be deducted by the estate or carried over by a surviving spouse).