just after some quick advice.
I made a loss of $70,000 from trading for the year. got hit with some margin call.
i only earnt $40,000 from work and and paid about $7000 in tax from my regular job.
So yeah I ****ed up.
Is it best to claim a portion of my capital losses over several years? or is it best to put in a tax return for the next 3 years and then do it one lump some???
whats the best way to go about getting maximum back on the capital losses i have suffered.
i presume that if i do it right. I should be able to get $35,000 back, if i am taking $70,000 off every dollar earned over $50,000