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Posted by joetaxpayer on August 3, 2007, 3:54 am
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Phil Marti wrote:
>> You are not forced to use it for long term gains, however,
>> but you are permitted to do so. The choice is yours, and
>> depends on your tax bracket, and the rest of the numbers
>> involved.
> This is incorrect. A loss carried forward goes on Schedule
> D, where it's available for application against all capital
> gains. There is no choice involved.
I realized the mistake just as I hit 'send'. I was thinking
of 'investment interest'. TurboTax does not automatically
apply it to long term gains, offering to carry forward
instead of using against the LT gains. The user has a
choice, however. My bad on this one.
JOE
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<< 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 >>
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Posted by ed on August 1, 2007, 4:26 pm
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> Question - Can I offset carry over investment lost with new
> gains?
>
> I sold stocks at big lost in tax year 2000. Base on the
> 2006 tax return, I still have carry over lost around 50K.
>
> If I make some profit this year, say 20K. Can I offset this
> 20K from the carry over lost?
>
> If not, is there anythign I can do to make the best of this
> carry over ? And does carry over lost have any time limit,
> or it will carry over indefinitely until it is used up?
You MUST offset all current long term and short term losses
against your caryover and then what's left can be deducted
(up to $3,000) and the remainder carrys over to next year.
ed
<< ------------------------------------------------------- >>
<< 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 Arthur Kamlet on August 1, 2007, 4:26 pm
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> Question - Can I offset carry over investment lost with new
> gains?
yes.
Your schedule D is where your gains are reported, and
you can offset invetsment gains with your capital
loss carryover for the amount of the net gains
plus 3000.
> I sold stocks at big lost in tax year 2000. Base on the
> 2006 tax return, I still have carry over lost around 50K.
And every year you carry-over some portion of that loss.
> If I make some profit this year, say 20K. Can I offset this
> 20K from the carry over lost?
yes
> If not, is there anythign I can do to make the best of this
> carry over ? And does carry over lost have any time limit,
> or it will carry over indefinitely until it is used up?
The loss does not expire until you do.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
<< ------------------------------------------------------- >>
<< 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 Benjamin Yazersky CPA on August 1, 2007, 4:26 pm
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> Question - Can I offset carry over investment lost with new
> gains?
>
> I sold stocks at big lost in tax year 2000. Base on the
> 2006 tax return, I still have carry over lost around 50K.
>
> If I make some profit this year, say 20K. Can I offset this
> 20K from the carry over lost?
>
> If not, is there anythign I can do to make the best of this
> carry over ? And does carry over lost have any time limit,
> or it will carry over indefinitely until it is used up?
A capital loss carryover is available until used up or you
die. But be careful - some states don't allow capital loss
carryovers.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
<< ------------------------------------------------------- >>
<< 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 rlsusenet@NOSPAMPUHLEEZschnapp on August 1, 2007, 4:26 pm
Please log in for more thread options packat wrote:
> Question - Can I offset carry over investment lost with new
> gains?
>
> I sold stocks at big lost in tax year 2000. Base on the
> 2006 tax return, I still have carry over lost around 50K.
>
> If I make some profit this year, say 20K. Can I offset this
> 20K from the carry over lost?
>
> If not, is there anythign I can do to make the best of this
> carry over ? And does carry over lost have any time limit,
> or it will carry over indefinitely until it is used up?
Of course. You can deduct capital losses up to $3,000 per
year against ordinary income. If you have $50k of carryover
losses left, and you have capital gains of $20k, you can
take that $20k against the $50k of carryover losses, and
carry the remaining $30k forward.
Now, what worries me is that you said "profit". If that
profit isn't capital gain, then you can only knock off
another $3k, and carry forward $47k to the next tax year.
<< ------------------------------------------------------- >>
<< 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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