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Posted by kukreja.rajan on January 15, 2007, 2:26 am
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I would really appreciate if anyone could advice me on this.
I had capital loss of $36,948 in stock market during
1999-2001 period out of that I only claimed $3000 once. Can
I claim the remaining amount as capital loss carrrover in my
2006 tax return.
Thanks in advance
Raj.
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Posted by Herb Smith on January 16, 2007, 2:56 am
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kukreja.rajan@gmail.com wrote:
> I would really appreciate if anyone could advice me on this.
>
> I had capital loss of $36,948 in stock market during
> 1999-2001 period out of that I only claimed $3000 once. Can
> I claim the remaining amount as capital loss carrrover in my
> 2006 tax return.
A capital loss carryover continues until used up, or you
die. Use of the carryover (even if you had no capital gains
to offset) should be considered EVERY year after the year of
loss, and a new capital loss carryover worksheet completed
if not used up.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on January 16, 2007, 2:56 am
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> I would really appreciate if anyone could advice me on this.
>
> I had capital loss of $36,948 in stock market during
> 1999-2001 period out of that I only claimed $3000 once.
This makes no sense without further explanation. Each year
stands by itself. If the bottom line of Schedule D is a
loss greater than $3,000, $3,000 goes on the 1040 with the
balance carried forward to the next year's Schedule D, where
the process begins again. Depending on what other income
there was, it's possible that no loss actually gets used in
a year, but the only way to tell is to do the returns.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Paul Thomas, CPA on January 16, 2007, 2:56 am
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> I would really appreciate if anyone could advice me on this.
>
> I had capital loss of $36,948 in stock market during
> 1999-2001 period out of that I only claimed $3000 once. Can
> I claim the remaining amount as capital loss carrrover in my
> 2006 tax return.
Why only once? You can use up-to $3000 of losses to off-set
ordinary income each year.
But to your question, you can carry the losses forward for
as many years as it takes to use them up.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill on January 16, 2007, 2:56 am
Please log in for more thread options kukreja.rajan@gmail.com posted:
> I would really appreciate if anyone could advice me on this.
> I had capital loss of $36,948 in stock market during 1999-2001
> period out of that I only claimed $3000 once. Can I claim the
> remaining amount as capital loss carrrover in my 2006 tax return.
No. Assuming you filed annually, you should have been
carrying over the loss and deducting $3,000 of it each year.
If you didn't file annually, you still have to deduct
$3,000 for each intervening tax year. In your case, if you
filed for 2001, and the $36,948 remainder stems from then,
you would deduct an additional $3,000 for 2002, ;03, '04 and
2005 -- so $24,948 would still be available as carryover to
the 2006 tax year.
Enter that on the work sheet and it will take off another
$3,000 for 2006 ... and also provide a report showing
$21,948 carryover remaining (assuming you have no other
capital gains or losses for the year).
That report should be stapled to the front of your copy of
the 2006 filing record, as a reminder to you (or your
preparer) when it comes time to file for 2007.
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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