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Subject Author Date
cap gaimns for 08 Billy 04-14-2008
`--> Re: cap gaimns for 08 Paul Thomas, CP...04-14-2008
Posted by Billy on April 14, 2008, 10:43 am
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 If there is no tax on cap gains for 2008 if in 15% tax bracket, can a cap
loss carryover from previous years be used if in same bracket?

tks all

bw

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Posted by Phil Marti on April 14, 2008, 11:08 am
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 "Billy" wrote:

> If there is no tax on cap gains for 2008 if in 15% tax bracket, can a cap
> loss carryover from previous years be used if in same bracket?

Carryovers must be applied to the current year's transactions. No choice
involved.

See the Schedule D instructions.

--
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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Paul Thomas, CPA on April 14, 2008, 11:20 am
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> If there is no tax on cap gains for 2008 if in 15% tax bracket, can a cap
> loss carryover from previous years be used if in same bracket?




As far as I know, you'll still get to off-set $3000 of losses against other
income.







--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>


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