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Posted by kukreja.rajan on January 21, 2007, 4:18 pm
Please log in for more thread options Harlan Lunsford wrote:
> kukreja.rajan@gmail.com wrote:
>> Let me further explain it. The last return I filed was in
>> 2001, in which I mentioned the capital loss carryover of
>> $36,948. I never filed the return for the period 2002-2004,
>> as I had no income in US during that period because I am not
>> a citizen of US and I was back in my home country during
>> that period of time. I came back to US in Dec 2005 again,
>> filed the return for 2005 because I worked for 3 weeks
>> during that year. I did not mention anything about capital
>> loss carry over in my 2005 return because my gross income
>> for that period was only $1,354.
>>
>> So now I was wondering if I could offset $3000 limit from
>> my taxable income of 2006. I have no capital gains to
>> offset. Any advice on how
> Ah, all is clear. You still need to do the worksheets for
> intervening years and retain in your files. And for those
> years the capital losses are suspended, so you will
> effectively resume in 2006.
Thanks for your valuable inputs. I have filled the Form
1040; in Schedule D in Line 6 I have entered unused
short-term loss of $33,948. As in 2001 return I showed the
short-term loss of $36,948. 2001 return was the last return
when I claimed capital loss of $3000. I didn't file the
return for 2002, 2003, 2004 as during that period of time I
had no income and I was non-resident alien during that
period. I filed the return for 2005 but didn't file Schedule
D, as my income was very less to offset i.e. $1,354.
So now my question is that
1. Can I simply carryover capital loss of 2001 into this
year return and wait for any query/audit from IRS as they
might get suspicious by finding that from what source this
capital loss is getting carried over as I filed for 2005 but
didn't mentioned about that in that return or should I tag
any kind of note with the return that this capital loss is a
carryover from 2001 which was never used during 2002 - 2005.
2. Do I need to amend the return of 2005 just to reflect the
capital loss carryover. I am not sure whether this is
required.
3. Last but not least do I need to maintain the capital loss
carry over worksheet and attach to the return. As I never
did that before because all I had was losses which I incured
during boom time and my only source of income is W-2. No
other investment/property etc so my return is very simple
except that complex capital loss carry over.
Regards
Raj
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