taxes
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taxes We are wondering exactly what the tax laws are with respect to the amount of capital losses that a club can take. Is there a dollar limit per club or does it simply apply the $3000 loss per member? Thanks in advance. Lounge Rat Investment Club TIM/DARCI THOMAS wrote: > We are wondering exactly what the tax laws are with respect > to the amount of capital losses that a club can take. Is > there a dollar limit per club or does it simply apply the > $3000 loss per member? Thanks in advance. > > Lounge Rat Investment Club There is no limit. The club doesn't pay taxes, it passes all items of income, loss and deduction through to the partners. When you prepare the K-1s for each partner at the end of the year, you will pass the proportionate loss to each partner. S/he will then combine that amount with her/his personal capital gains/losses and apply the $3000 limit. If this isn't clear, please ask again. Ira Smilovitz |
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