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Posted by Jeff on April 13, 2008, 6:16 pm
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6AA000.13545013042008@news.newsguy.com...
>
>> So whatever the amount I had carried over from last year, only $3,000
>> of
>> carryover long term losses can be used for this year (or any year?)?
>> At
>> $3,00 per year it can take many many years to use it all up if you
>> have
>> a large carryover amount .....
>
> Yes and no. Only $3000 can be used to offset _ordinary_ income, but
> you
> can use capital loss carry over to offset _any_ amount of capital
> gains
> for the year, up to the amount of the carry over loss. In other
> words,
> if you wish to sell an investment that has large capital gains and you
> have a large carry over loss, you can use the carry over loss to
> offset
> the gains on the stock sale and not pay capital gains tax on the stock
> sale.
>
> --
> -Ernie-
Thanks Ernie. Now I remember. For some reason I had the 2 confused.
Jeff
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