"EBG" <maberger[at]comcast.net> wrote:

- quote -

You don't say how much the profit is in 2001 , however, you
deduct the gain in 2001 from the remaining $7,000 of loss
carryover from 2000 and if it still results in a loss, use
$3,000 and carryover the remainder. In 2002 add the $2,000
loss in 2002 to that and take the allowable $3,000 and
carryover the remainder to 2003. If you put the figures in
the correct places on Schedule D and the Capital Loss
Carryover Worksheet you will get the correct result.

ed

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"EBG" <maberger[at]comcast.net> wrote:

- quote -

In 2001 your carried-over loss of $7000 would be applied
against your gains. If there's still any loss left over,
$3,000 of it can be deducted against ordinary income, and
any remainder will be carried over to 2002.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** Please don't copy me on replies ***

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"EBG" <maberger[at]comcast.net> wrote in news:107pu9s7l6g7652

- quote -

Assuming the actual gain/loss during 01, 02, & 03 was 0 I'd
say yes.


- quote -

How much is the profit in 2001? Lets say your profit is 5000.

2000; 3000 loss
2001; -7000 + 5000 = 2000 loss
2002; no carryover

That's the general idea anyway. You need to account for ALL
sales on sched D, put the carryover on lines 6 & 14 (for
2003 sched D) and crank the numbers from there.

That's my non-professional understanding anyway. Don't
worry, the pros will jump all over this if it's not accurate
:-)

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"EBG" <maberger[at]comcast.net> writes:

- quote -

Maybe. It depends on what other Schedule D activity there
is. If you have a $10,000 loss carryover from 2000, $10,000
goes on your 2001 Schedule D as a carryover. Once
everything's netted out on the 2001 Schedule D, if there's
still a loss carryover, that amount goes to the 2002
Schedule D, etc.

Phil Marti
Topeka, KS

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If I have a short term loss of $10,000 in 2000, I can deduct
a maximum of $3000.00 in the year 2000, 2001 and
2002....plus $1000 in 2003.

Correct?

Now lets say I have a loss of $10,000 in 2000....a profit in
2001 and another loss of $2000 in 2002.

Do I apply my $10,000 loss as $3000 in 2000, $3000 in 2001
and $1000 in 2003?

With another $3000 left over to apply in future years?

THANK YOU for your help.

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