Tag: capital assets

What Effect Do Stock Losses Have on Your Taxes?

Nashua, NH Taxpayer Has Questions

Capital losses from the sale of stock, mutual funds, and other investments can help to reduce your tax bill.  If you had any capital gains over the year, this loss will first be used to offset the taxes paid on these gains.  For those years where you are still at a capital loss, this deduction can reduce taxes on other income, including salary and interest. This excess deduction is capped at $3,000 per year.  Any more than that amount can be carried over into subsequent years as a future tax deduction. 

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Milford, NH Resident Looks for Insight

Short-term capital gains come from selling capital assets that have been owned for less than one year.  The tax rate for this money is equal to your ordinary tax rate.  Long-term capital gains are typically taxed lower than short-term.  In 2020 this tax rate was either 0%, 15% or 20%, depending on your annual income.  Selling stock, land or a business that has been in your possession for less than a year will significantly increase the amount of taxes you pay on these gains.

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405 Daniel Webster Hwy
Merrimack, NH 03054
(603) 429-2009

Regular Hours

Sunday: Closed
Monday: 9AM-4PM
Tuesday: 9AM-4PM
Wednesday: 9AM-4PM
Thursday: 9AM-4PM
Friday: Closed
Saturday: Closed

Tax Season Hours (Feb 1 - Apr 15)

Sunday: Closed
Monday: 9AM-5PM
Tuesday: 9AM-5PM
Wednesday: 9AM-5PM
Thursday: 9AM-5PM
Friday: 9AM-4PM
Saturday: 9AM-2PM