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#1
08-29-2003, 05:22 AM
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 Re: Capital gains Losses ...can they be carried backwards ? "John H. Fisher" <taxservice[at]aol.compliance> wrote: - quote - > cindywhite10[at]yahoo.com (Cindy white) writes:
Let's assume this was an individual taxpayer and not> > Capital gains Losses in the Year 2001 and 2002 ...can they > > be carried backwards and offset against prior year Capital > > gains ? > > > Under what circumstances ? ie when/how ? > > > How many years backwards ? > > > Any limits on Losses/Gains/ Income ? > > > What publications/websites have info on this ? > > > What IRS forms to fill ? > > > I apologize for so many questions....But I have no knowledge > > of this. > Generally, No!!! An exception exists for worthless > securities. You may take a deduction for the year in which > the asset became worthless and may file an amended return > for up to 7 years in order to make such a claim. referencing a c corporation. -- 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 > << -------------------------------------------------> |
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08-26-2003, 11:37 PM
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| Re: Capital gains Losses ...can they be carried backwards ? cindywhite10[at]yahoo.com (Cindy white) wrote: - quote - > Capital gains Losses in the Year 2001 and 2002 ...can they
Capital losses are only carried FORWARD. There are no dollar> be carried backwards and offset against prior year Capital > gains ? > Under what circumstances ? ie when/how ? > How many years backwards ? > Any limits on Losses/Gains/ Income ? > What publications/websites have info on this ? > What IRS forms to fill ? or time limits on the carryforward (except your lifetime). See the instructions for Schedule D (1040). << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-25-2003, 11:51 AM
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| Capital gains Losses ...can they be carried backwards ? Capital gains Losses in the Year 2001 and 2002 ...can they be carried backwards and offset against prior year Capital gains ? Under what circumstances ? ie when/how ? How many years backwards ? Any limits on Losses/Gains/ Income ? What publications/websites have info on this ? What IRS forms to fill ? I apologize for so many questions....But I have no knowledge of this. Thank you very much Cindy << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| backwards, capital, carried, gains, losses |
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