I know this is an oil web site, but it gets a lot of traffic from a lot of different people so maybe someone will be able to help.
Long story short: I had to submit a Schedule D for my 2009 year tax return. It showed a loss of $511 in investments. The IRS was satisfied with my documentation supporting the Schedule D and I got a letter saying they consider the case closed. I don't have to pay anything else, and they aren't giving me any type of refund.
My question: Since I lost $511 in investments that year (thanks Citigroup), aren't I able to claim that as a deduction? I thought you could write off up to $3000 in losses. Is this correct? If so, anyone have the part of tax law that says this?
I called the IRS, had to wait through twenty minutes of menus to get the OPTION to talk to someone, then another fifteen minutes on hold. The guy I got hardly spoke English, and kept interrupting me. So I got nasty with him, so I don't think he was in any mood to help me. He just said I need to write them with why I think I deserve the additinoal deduction. Having the part of the tax code to put in my letter would be helpful.
Thanks for any help.
Long story short: I had to submit a Schedule D for my 2009 year tax return. It showed a loss of $511 in investments. The IRS was satisfied with my documentation supporting the Schedule D and I got a letter saying they consider the case closed. I don't have to pay anything else, and they aren't giving me any type of refund.
My question: Since I lost $511 in investments that year (thanks Citigroup), aren't I able to claim that as a deduction? I thought you could write off up to $3000 in losses. Is this correct? If so, anyone have the part of tax law that says this?
I called the IRS, had to wait through twenty minutes of menus to get the OPTION to talk to someone, then another fifteen minutes on hold. The guy I got hardly spoke English, and kept interrupting me. So I got nasty with him, so I don't think he was in any mood to help me. He just said I need to write them with why I think I deserve the additinoal deduction. Having the part of the tax code to put in my letter would be helpful.
Thanks for any help.