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Posted by Paul Thomas, 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?
Yes.
Capital losses being carried forward off-set current year's
capital gains, and up-to $3000 of the remaining loss gets
deducted against other income.
> And does carry over lost have any time limit,
> or it will carry over indefinitely until it is used up?
Till it's gone or you are.......which ever comes first.
--
Paul A. Thomas, CPA
Athens, Georgia
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