Tax Loss

(redirected from tax losses)
Also found in: Dictionary.

Tax Loss

A loss of value that results in a tax deduction. A tax loss may be a business loss or it may be the loss of a personal asset such as a house. For example, the amount one spends repairing a car after a wreck may be a tax loss.

In order to qualify as deductible, the loss must not be covered by insurance and (for the loss of an asset) must be the result of a real disaster such as theft. Gradual damage generally does not qualify.
References in periodicals archive ?
When done in a taxable account rather than in a tax-deferred retirement plan, this strategy provides immediate tax losses, while deferring taxable gains.
Before recommending S status to allow the use of anticipated initial tax losses, the tax adviser must verify that the shareholders have sufficient basis, via either direct investment in stock or direct loans to the S corporation.
Setting the context for current levels of bank tax losses
Thus, if he lacked basis to support the deemed distribution at the time the $2,420,519 debt was discharged, it was only because he had previously claimed deductions for those tax losses of the partnership, which had reduced his basis in his partnership interest.
Baltimore has UK capital tax losses which amount to approximately GBP1.
On June 20, TEI submitted comments to Canadian Minister of Finance John Manley, urging the Canadian government to introduce a formal system to permit the sharing and utilization of tax losses and other tax attributes among groups of related corporations.
NEW YORK -- Stock investors harvesting tax losses this year will be able to use a new tool to solve an old problem: fear of selling a stock to realize a loss just before it makes an upward move.
On behalf of Tax Executives Institute (TEI), I am writing to urge the government to introduce a formal system to permit the sharing and utilization of tax losses and other tax attributes among groups of related corporations.
7 million one-time reduction in income taxes for the quarter due to the recovery of tax losses generated in previous periods.
McGreevey announced today that a record 165 applications have been approved this year under New Jersey's Technology Business Tax Certificate Transfer Program that enables certain high-technology companies to raise cash to finance their growth and operations by selling tax losses or research and development tax credits to other businesses.
The new law allows federal net operating tax losses to be carried back five years instead of two years to file for refunds of federal income taxes previously paid.
A record 118 applications have been approved this year under New Jersey's Technology Business Tax Certificate Transfer Program that enables certain high-technology companies to raise cash to finance their growth and operations by selling tax losses or research and development tax credits to other businesses.