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Posted by Bill on May 18, 2008, 12:33 pm
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finecur@yahoo.com (finecur) posted:
>I have some stock loss carryover (-$1000)
>from 2006. I made $1500 in stock in 2007 and
>my overall stock gain or loss in 2007 is about
>$500.
>In the text return form prepared by my
>accountant however, I found the
>$1000 carryover was addback to my AMT
>(Form 6251 item 16 Disposition of property). Is
>this right? Does this mean that I can not take
>any benefit of the -$1000 loss forever?
Without seeing the entire return, it's impossible to determine the
"rightness" of the return preparation; however, the question about
losing the benefit of the -$1000 loss "forever" is answerable implicity
by the requirement that loss carryovers must be taken up to $3,000 in
the next year -- even against ordinary income.
Assuming your accountant properly filled out the Form 6251, the benefit
is indeed gone, forever.
Bill
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