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May 2014

It is a fact of life that sometimes a business or investment doesn’t work out. In this situation, you are going to end up with a loss; i.e. More money was spent than recouped.In general, a loss can be used to offset other income or gains, as per the rules set out below. But before that, there are three important rules about claiming losses that apply across the board: A. If you make a loss in a situation where theby the profit would not have been taxable, the loss in such a situation cannot be claimed. B. It is normally required that a loss be offset as soon as possible. If

So you’re filing an Israeli tax return, either because you are required to do so (see here for more) or because you want due (and presumably are due a refund, see here for more). The first step is to gather all of the relevant information regarding your income (for both spouses if relevant) during the year in question, as well as the relevant certificates and proofs that you may need in order to claim deductions and credits, as appropriate, as well as proofs of tax withheld at source. All of this will be inputted into the main tax form (form 1301). Be careful though, there may only be three pages

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