"Jason" <jasonnews[at]mail.com> wrote:

- quote -

Theoretically - you can carry forward any Net Operating Loss
from a trade or business but your itemized deductions in
excess of your adjusted gross income are lost. You should
have referred to Form 1045 and more particularly Schedules A
and maybe even Schedule B. I would anticipate that there
mihgt have been something to carryforward to 2002, but
without having done your 2001 return I could not tell you
what that amount would be.

More importantly, in order to carry forward an NOL you have
to make an affirmative election with the return that
generated the NOL. If that election is not made when the
return is filed then you MUST carry the loss backwards
first. Any loss not used up when carried back can be
carried forward.

At this point, you need professional help.

Good luck,
Gene E. Utterback, EA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

"Jason" <jasonnews[at]mail.com> wrote:

- quote -

Not enough information. What KIND of loss was reported on
the K-1?

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

In 2001 I tried my hand at daytrading with a company that
reports the gain/loss as a limited partnership. I got a k-1
from them.

Unfortunately, I lost about $48,000 daytrading. This was
entered on schedule E Line 27A under income or loss from
Partnerships on my 2001 return. All investment at risk and
also was entered on Column i under non passive loss from
schedule K-1 still on line 27.

My income from wages for my regular job was 33k and after
taking into account my rental properties my adjusted gross
income was -$19,000 and I also had itemized deductions of
$14,000 on top of the 19k loss.

Anyway, now I'm filing my 2002 return which I have regular
income and capital gains on the sale of a rental property in
the amount of about $50,000 after adjustments.

Can I carry forward the loss from 2001 and offset some of
the $50,000 gain on the sale of the rental house?

Thanks A bunch for any help.

J

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->