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Posted by Harlan Lunsford on January 16, 2007, 7:01 pm
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Bill wrote:
> 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 $24,948 would still be available as carryover to
> the 2006 tax year.
Maybe; maybe not. A worksheet should be completed for
each year of course, but if any intervening year had no
other income against which to offset the 3000, then no
reduction is used and the full amount is carried over to
next year. Thus if he had NO income for 2002 and 2003, the
carryover is from 2001 to 2004 in toto.
ChEAr$,
Harlan Lunsford, EA n LA
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