Loss

Question: loss.................................? I think that if people lose something they have been careless with what they own, and that is why they have lost something. example they have put their money into a loose pocket and it has slipped out. They should be more careful with money. I would glady return anything I found to the rightful owner, but with money that isn't possible because if you ask someone "did you lose money" they will say yes, if you ask 50 people almost all of them will say yes, maybe you'd get some people who were honest. Someone argued against my view that if you lose something you've been careless, do you agree with me or them?

Answer: Depends on the regularity. If someone is losing things all the time then yes they are careless. But if it's only occasionally then it's completely normal ! But also, in the situation where someone does a lot of things, i.e. a builder and his tools, they are more likely to lose something but I wouldn't class them as careless as a consequence, it's just they have a lot of things going on.

Question: How much hearing loss can listening to an ipod for 1 hour at full volume cause? Would it cause permanent hearing loss? Would it cause hearing loss significant enough for you to notice it? I'm doing a report on ipods and hearing loss in teens but I can't seem to find any data on hearing loss per hour. Please Help! I only listen to my ipod about 1/5 the volume and not for long periods of time, will I experience hearing loss?

Answer: Okay the deal with ipods is that the further in your ear the earphones are the louder the sound hits your eardrum. So the ipod has brought this issue out as they are commonly used with the small earbuds. It is fine to use the small earbuds if you are not blasting the volume on the music. OSHA standards for noise exposure for workers in a factory are that the worker can be exposed to an 85 dB sound for 8 hours. So if the sound is louder they need to wear ear protection. The formula continues and you can safely listen to a 90 dB sound four 4 hours, a 95 dB sound for 2 hours etc. Some examples of how loud things are. Average conversational speech is 60 dB a dog barking is about 75 dB a piano is about 80 dB a helicoptor is about 95 dB a Lawnmower is about 100 dB So the moral of the story is. Don't let all the talk prevent you from enjoying your music. Be sensible don't use the volume all the way up. Don't listen all day long at loud volumes. Short use should be okay. Better safe than sorry so you should always wear ear protection when around a lot of noise when using power tools and mowing the lawn

Question: Is a loss from a personal loan the same tax category as a loss from stock investments? I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments -- in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!

Answer: You cannot claim the loss separately. You must prove you had a non-business bad debt (actual loan agreement, not some iffy thing as in if he made money, he'd pay you back; show you tried to get repaid; why it's worthless, etc).

Question: How do I calculate the loss in pressure for a wave travelling in a medium with loss of 3db/cm? I know the value of pressure of a wave at a length d from a source. I want to calculate the loss in pressure if it travels a further distance 8mm where the loss in medium is 3db/cm. Not sure how i incorporate the 3db/cm loss if the wave hasn't quite travelled a full cm. Any help? I want to know what the pressure is at the extended distance, taking the loss into account.

Answer: the loss is simply 3 db/cm * 0.8 cm = 2.4 db

Question: How much loss can I write off taxes after selling stock? I'm probably going to sell a stock at a loss this year. How much am I allowed to write off (if any) of my federal taxes for that loss? Will this knock down my income? Will it offset my savings account earnings if I have any?

Answer: You can deduct up to $3,000 in capital losses in one year, with the balance carrying for up to the next 3 years. No, it cannot offset savings account interest which is reported on Schedule B, investment income/losses are on Schedule D

Question: Can I deduct a loss on the sale of my personal home against a gain on the sale of rental property? I sold my home in 2006 that I bought in 1999 and qualifies as my personal residence. (lived in it 3 of the last 5 yrs).The basis in this property is less than the proceeds resulting in a loss. Personal losses are not deductible. I sold rental property in 2006 resulting in a long term capital gain. Can I reduce the amount of my long term gain by the amount of the loss on the sale of my principal residence?

Answer: No, you can never take a deduction for a loss on the sale of a personal residence, even to offset the gain on the sale of a rental property. Had you converted your personal residence to a rental unit you could have used that loss to offset the gain on the other rental. If the loss was enough to wipe out the gain on the sale of the rental, some of the additional loss could have been claimed against your other income with the balance of the loss carried forward to future tax years. An even better approach (if feasible for you) might have been to move in to the rental for 2 years and rent out your former principal residence and then sell them both. You'd have a recapture of the depreciation claimed on the former rental but that probably would not have been enough to put you over the exclusion amount on the sale of a principal residence and you might have been able to take at least a partial loss on the sale of your former principal residence. Even if you couldn't take the entire loss in the year of the sale you usually can carry forward the loss to future tax years. Unfortunately it's now too late for either of those tax-saving options.

Question: How will claiming a loss on my taxes affect my business standings? I run a home based direct sales business. In my first 2 years I claimed losses on my taxes, my third year I broke even; however this year I may be showing a loss again. In the state of Massachusetts how will this loss affect my business standings?

Answer: My knee jerk response is to not even think twice about it. Businesses often are not profitable in the first few years. As far as 'business standing' as an owner of several businesses, most owners realize the first few years are usually tough. And I doubt your standing will be affected. More importantly is doing what you say you are going to do (integrity goes a long way regarding standing). The IRS is the one that gets to decide whether or not you can claim losses, etc. IRS will look to see if your business is a business or a hobby. Below is an explanation from the IRS website to determine if your business is a business or a hobby. ****************************************************************** Is Your Hobby a For-Profit Endeavor? FS-2008-23, June 2008 The Internal Revenue Service reminds taxpayers to follow appropriate guidelines when determining whether an activity is engaged in for profit, such as a business or investment activity, or is engaged in as a hobby. Internal Revenue Code Section 183 (Activities Not Engaged in for Profit) limits deductions that can be claimed when an activity is not engaged in for profit. IRC 183 is sometimes referred to as the “hobby loss rule.” Taxpayers may need a clearer understanding of what constitutes an activity engaged in for profit and the tax implications of incorrectly treating hobby activities as activities engaged in for profit. This educational fact sheet provides information for determining if an activity qualifies as an activity engaged in for profit and what limitations apply if the activity was not engaged in for profit. Is your hobby really an activity engaged in for profit? In general, taxpayers may deduct ordinary and necessary expenses for conducting a trade or business or for the production of income. Trade or business activities and activities engaged in for the production of income are activities engaged in for profit. The following factors, although not all inclusive, may help you to determine whether your activity is an activity engaged in for profit or a hobby: Does the time and effort put into the activity indicate an intention to make a profit? Do you depend on income from the activity? If there are losses, are they due to circumstances beyond your control or did they occur in the start-up phase of the business? Have you changed methods of operation to improve profitability? Do you have the knowledge needed to carry on the activity as a successful business? Have you made a profit in similar activities in the past? Does the activity make a profit in some years? Do you expect to make a profit in the future from the appreciation of assets used in the activity? An activity is presumed for profit if it makes a profit in at least three of the last five tax years, including the current year (or at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses). If an activity is not for profit, losses from that activity may not be used to offset other income. An activity produces a loss when related expenses exceed income. The limit on not-for-profit losses applies to individuals, partnerships, estates, trusts, and S corporations. It does not apply to corporations other than S corporations. What are allowable hobby deductions under IRC 183? If your activity is not carried on for profit, allowable deductions cannot exceed the gross receipts for the activity. Deductions for hobby activities are claimed as itemized deductions on Schedule A, Form 1040. These deductions must be taken in the following order and only to the extent stated in each of three categories: Deductions that a taxpayer may claim for certain personal expenses, such as home mortgage interest and taxes, may be taken in full. Deductions that don’t result in an adjustment to the basis of property, such as advertising, insurance premiums and wages, may be taken next, to the extent gross income for the activity is more than the deductions from the first category. Deductions that reduce the basis of property, such as depreciation and amortization, are taken last, but only to the extent gross income for the activity is more than the deductions taken in the first two categories.

Question: Does a long term capital loss help offset short term capital gains for reducing taxes? I will have short term capital gains this year from stocks I've bought and sold. I have some stocks I've held long term and could sell for a loss. I have no long term capital gains for this year. I know that federal short term capital gains are taxed as income at about 28% and long term taxed at about 18%. 1) Will selling these long term stock at a loss help to lower the my federal taxation on my short term capital gains? 2) Will each dollar of long term losses reduce my federal short term gains to be taxed by dollar for dollar?

Answer: You can use losses to offset gains, no matter which way the losses and gains are. Long term losses can offset short term gains, short term losses can offset long term gains, long term losses can offset long term gains, short term losses can offset short term gains, etc. Net short term gains are taxed at whatever your tax rate is. Net long term gains are taxed at maximum rate of 15% (5% for those in 10% or 15% tax brackets). If losses exceed gains you can deduct up to $3,000 in losses per year against other income ($1,500 per year if married filing separately). Any excess would be carried forward to be used in future year at $3,000 per year.

Question: What are the stipulations for passive activity loss carryovers? My wife and I own several rental properties, however we make over $150k a year. All of our properties are operating at losses, but we are not currently able to deduct any of the losses because of our income. How do we go about carrying forward this passive activity loss tot he time when we sell the properties? How do I document this? I reported all of the losses on my taxes for this year. Do I just need to keep track of the non-deductible amounts? It is already itemized on my tax return. Thanks in advance.

Answer: You track all passive activity losses, allowed an unallowed, on Form 8582.

Question: What are the best ways to calculate the loss on sale of old car? Actually we sold our old car and want to know the loss asper accounting principles. Howmuch we got loss. Shall we calculate loss on market value, Book Value or Face Value. Which is the best way to calculate minimum loss on sold car?

Answer: In accounting, you compare the book value of the car with the sale proceeds and the difference is your gain or loss. Book value is your original cost minus the depreciation of all the years you've had the car.

Question: What loss can you automatically assume when working between a vertical and a horizontial polarized antenna? What loss can you automatically assume when working between a vertical and a horizontial polarized antenna?

Answer: 3dB

Question: How much loss in detail is there when comparing an H.264 compressed HD video recording to the original? I'm a videophile when it comes to High Definition TV, and I keep seeing devices that when hooked up to a computer, can record HD video in compressed H.264 format. I would prefer NO compression because the first thing that goes out the window is the fine details. Can H.264 give me perfect digital reproduction without ANY noticeable loss in HD picture quality?

Answer: Most of the Blu-ray movies are recorded using H.264. Satellite TV also uses H.264. Without lossy compression you will not be able to store any movie for more than a few minutes.

Question: I didn't accurately fill out my capital loss carryover for the last 8 years. How do I correct this? I trade stock options (very poorly) and have had a loss as a result for alot of years. I've claimed the allowable loss, but haven't been keeping up with the capital loss carryover worksheet very well. Can I go back to correct these so when I show a gain I can claim against this accumulation of losses? If so, how many years can I correct?

Answer: You can go back as far as you want to correct the error, but if you are due a refund, you will only get refunds for tax years 2005 and later (assuming you correct the error before April 15.) There is a three year limit to receiving refunds for amended returns.

Question: How can you tell the difference between loss of tooth enamel and staining? I have some marks on my front teeth that sound like tooth enamel loss. However, they have come on quite quickly (over a few months). How can I tell if this is staining from tea and coffee or tooth enamel loss? Can enamel loss happen that quickly?

Answer: here is a site that answers all med questions http://www.webmd.com/ they have an excellent forum

Question: What amount of hearing loss (in Db) is allowed to pass a class 1 medical to get a commercial pilots licence? basically as above. I think I have about a 15Db loss in hearing at some of the higher frequencies in my left ear only. What amount of hearing loss is acceptable to get the class 1 medical required to do the commercial pilots licence? Thanks.

Answer: You shouldn't have a problem passing the test. Even if you were completely deaf in one ear, you could pass. If you can hear the doctor speaking to you at 6 feet, with your back turned, using BOTH ears, you will pass. This is the primary test for the FAA Class 1 Medical Certificate. (and 2&3 as well) If you fail the test, you can elect to have an audiometric test done. Here are the actual requirements: "Demonstrate hearing of an average conversational voice in a quiet room, using both ears at 6 feet, with the back turned to the examiner OR pass one of the audiometric tests below : Audiometric speech discrimination test: (Score at least 70% discrimination in one ear) or: Pure tone audiometric test: Unaided, with thresholds no worse than: 500Hz 1,000Hz 2,000Hz 3,000Hz Better Ear 35Db 30Db 30Db 40Db Worst Ear 35Db 50Db 50Db 60Db" http://www.leftseat.com/FAAforms.htm

Question: What causes sudden hearing loss with periods and abdominal pain? I experience sudden hearing loss and vision loss when I have sudden menstrual cramps (Dysmenorrhea). This also happens when I experience abdominal pain related to diarrhea or constipation, which sometimes happens right before my period starts. Sometimes the GI system and the uterus are both affected at the same time. When I lose my hearing, all I hear is ringing, and everything turns bright, unless Im in a dark hallway. Indoors, I cant see. I think my pupils dilate and the blood flow to my ears constricts. What causes this?

Answer: There could be a number of possibilities going on such as endometriosis (just using endometriosis as an example only) but the only way to know for sure what is going on is to see your doctor for further evaluation of the situation to see what they think could be going on.