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Posted by ed on April 22, 2008, 6:59 pm
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On Apr 22, 12:45 pm, tsx0to60in5...@gmail.com wrote:
> in 2006 I bought stock and sold the stock in 2006 and lost $7,500.
> For my 2006 taxes I was only able to claim $3,000 and the other $4,500
> was to be carried over for the following years. In 2007 say I made
> $4,500 from the stock market that was also short term
> stocks.......would that cancel out the $4,500 that was to be carried
> over from 2006 or only 3,000 dollars would be able to cancel out and I
> would have to pay $1,500 of capital gains tax for 2007.
>
> ========================================= MODERATOR'S COMMENT:
> Your entire capital loss carryforward is applied first to all
> gains, so all of the (4500) would be taken.
Your carryover loss is first applied to any gains, and if any is left
over $3,000 of it is applied to other income and the remainder is
carried forward.
ed
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