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-   -   If I invest my inheritance in stock (https://www.askmehelpdesk.com/showthread.php?t=629362)

  • Jan 21, 2012, 04:40 PM
    thissideup
    If I invest my inheritance in stock
    I invested my inheritance in stock and lost most of it then with drew the remaining, I received no gains, is the money I withdrew taxable? I started with 72,000 and with drew 57,000, which was the balance of my inheritance...
  • Jan 21, 2012, 08:39 PM
    MukatA
    You have long term capital loss. You must claim the loss on schedule D (Form 1040). Your cost basis is the fair market value of the stocks on the date of inheritance. The money you drew is not taxable.
  • Jan 23, 2012, 03:29 PM
    AtlantaTaxExpert
    Further, the loss carries over to future years to offset other income UP TO $3,000. So, every year, $3,000 of the loss is burned until it is used up, or until you die.

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