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Posted by tex shalter on May 11, 2007, 5:49 pm
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Is there any way to accelerate capital loss carryovers past
$ 3000 per year
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Posted by Phil Marti on May 12, 2007, 6:47 am
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> Is there any way to accelerate capital loss carryovers past
> $ 3000 per year
Pick winners.
Each year the carryover goes to Schedule D to be netted with
that year's capital gains and losses. So, if you start the
year with a $20,000 loss carryover and have a net $10,000 of
gains realized during the year, you apply $10,000 of the
carryover to the gains and $3,000 to other income, leaving
you with $7,000 to carry to the next year.
--
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 Bill on May 12, 2007, 6:47 am
Please log in for more thread options anon@invalid.com (tex=A0shalter) posted:
> Is there any way to accelerate capital loss
> carryovers past $ 3000 per year
Yes, you can use capital loss carryovers in any tax year to
offset Capital Gains -- up to the extent of the carryover.
But you cannot otherwise use them to offset ordinary income
beyond the $3,000 annual limit.
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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