holding a stock fr a year

[qwert]

if i buy a stock and hold it for a full year and sell it for a loss, is the loss 100% tax deductable, if i owe more than the standard deduction. thanks, long live the caspian sea pipeline routes

 

[Free Thinker]

Quote from qwert:

if i buy a stock and hold it for a full year and sell it for a loss, is the loss 100% tax deductable, if i owe more than the standard deduction. thanks, long live the caspian sea pipeline routes

yes up to a 3000 max loss per year.

 

[ninjastockman]

from my understanding it is deducted off your income (with a max write off of 3000 per year and any more losses carried to the next year)
so say you make $30,000 a year salary

you lose 3000 in the stock market that year

you only get taxed for $27,000 that year


if I am wrong - someone correct me