I made so little and lost so much on the stock market (my mom let my broker buy 5 year mutual funds that expired last year at a huge loss) that after deductions my 2005 taxable income was $0.
Refund time, cha-ching! Kind of...
Taxes
There's a maximum capital loss you can apply in a single year I believe. But I guess since you're not working full time, and get the standard deductions and exemptions as well, it's plausible. Not as practical as offshore acounts, annuities and other crazy tax savings schemes, but still kind of cool.
On a mostly unrelated note, there is one thing I really like about Maryland. Free online state return filing provided by the state government. No hassles, no third parties, no restrictions for 99.99% of the population (I think polygamous blind people over 65 who own oyster aquacultures might have to file paper). I was done in ten minutes. Not like my federal return. I should stop selling stocks. I'm doing a little better than Alan (I had a net capital gain), but it's just not worth the time to look up the stupid cost basis and purchase dates when half of them are losses. Capital losses should offset based on the number of transactions rather than dollar amounts. I had four or five losses and six gains, so I should only have to type in one or two gains for tax purposes.
On a mostly unrelated note, there is one thing I really like about Maryland. Free online state return filing provided by the state government. No hassles, no third parties, no restrictions for 99.99% of the population (I think polygamous blind people over 65 who own oyster aquacultures might have to file paper). I was done in ten minutes. Not like my federal return. I should stop selling stocks. I'm doing a little better than Alan (I had a net capital gain), but it's just not worth the time to look up the stupid cost basis and purchase dates when half of them are losses. Capital losses should offset based on the number of transactions rather than dollar amounts. I had four or five losses and six gains, so I should only have to type in one or two gains for tax purposes.